Egypt to start importing oil from Iraq: Trade minister

[Alshawi1234]

Summary.
-Egyption prime minister visits Iraq.
-Boost of Economical and political cooperation between Iraq and Egypt
- Iraq to supply 4 million barrels of oil per month.
- Oil will be transported through Jordan via the new $18 Billion Oil pipeline from Basra to Aqaba port which is under development.

http://english.ahram.org.eg/NewsContent/3/12/66108/Business/Economy/Egypt-to-start-importing-oil-from-Iraq-Trade-minis.aspx
Egypt has reached an agreement with Iraq to build crude oil pipelines between the two countries, passing through Jordan, to start refining oil in Egypt into consumable products such as diesel, gasoline and liquefied petroleum gas, Hatem Saleh, Egyptian minister of industry and trade told state-owned MENA news agency.
Egypt will benefit extensively from this project as it will guarantee a stable and sustainable source of fuel, and the project revenues will benefit the three countries of Egypt, Jordan and Iraq, Saleh said during a press conference in Baghdad on Monday.

The minister added that the Egyptian delegation is currently negotiating with Iraqi authorities the possibility of lifting the Iraqi import ban on Egyptian dairy products.

Egyptian Prime Minister Hisham Qandil is currently visiting Iraq to boost trade ties and mutual cooperation, accompanied by the minister of industry and trade, the minister of electricity, the minister of petroleum and the minister of planning and international cooperation.

 

[BLACKEAGLE]

When will this pipeline get finished?

 

[Alshawi1234]

When will this pipeline get finished?

"The pipeline which will be operational by 2017, will create about 10,000 jobs and help Jordan, which has scarce natural resources and imports more than 90 percent of all its energy needs (the daily equivalent of 100,000 barrels of a oil a day) to be more independent and generate US$3bn a year in revenues."

Partial IPO of $18bn Jordan-Iraq oil pipeline under consideration - Energy - ArabianBusiness.com

Still some years. But considering the population growth and strategic importance, It is a big step forward, The gulf states right now are pumping in billions of dollars to keep Jordan stable, hopefully that holds it back from any instability until the oil pipeline is operational. It will also help Iraq find new markets for it's oil and rely less one the straight of Hormuz which will be a target in case of any conflict with Iran.

 

[BLACKEAGLE]

"The pipeline which will be operational by 2017, will create about 10,000 jobs and help Jordan, which has scarce natural resources and imports more than 90 percent of all its energy needs (the daily equivalent of 100,000 barrels of a oil a day) to be more independent and generate US$3bn a year in revenues."

Partial IPO of $18bn Jordan-Iraq oil pipeline under consideration - Energy - ArabianBusiness.com

Still some years. But considering the population growth and strategic importance, It is a big step forward, The gulf states right now are pumping in billions of dollars to keep Jordan stable, hopefully that holds it back from any instability until the oil pipeline is operational. It will also help Iraq find new markets for it's oil and rely less one the straight of Hormuz which will be a target in case of any conflict with Iran.

Jordan is not a puppet to follow GCC for money, Jordan considers GCC security part of it's own national security. As you know, it puts it's interests first no matter what, and I guess you remember well it's attitude in GW2 and now the Syrian conflict. The differences between GCC and Jordan policy are rare and few, and it wouldn't affect their relations.

Anyway, by 2017 Jordan will start producing oil, and I don't think it would be in need of Iraqi oil in the medium term, but it will benefit from pipeline pass fees at that time.

 

[Alshawi1234]

^ you are reading too much into the context. I didn't suggest Jordan is anyone's puppet. Jordan has been attempting to stay neutral in most events (naturally leaning towards its allies) but it has not become a puppet state of anyone. Any event in the Middle East could affect Jordan and vice versa. Now many groups in Jordan are trying to cause chaos because of the economical hardships because of fuel prices. The gulf states have invested billion of dollars to counter any possibility of chaos caused by economical problems, which is a good thing because we already have enough problems in the Middle East, no one wants Jordan to fall into chaos.

The "new markets" I am talking about is not only Jordan and Egypt, I am talking about exporting to Europe via Aqaba.

 

[Mahmoud_EGY]

that is good news but why didnt we buy from libya they are near and the pipeline would be more safe