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Iraq, Jordan sign oil cooperation agreement
Iraq-Jordan, Economics, 7/7/1998
Iraqi Oil Minister Amr Muhammad Rashid and Jordanian Energy Minister Muhammad Saleh al-Hourani on Monday in Baghdad signed an oil agreement that provides for the continued delivery of Iraqi oil to Jordan for the remainder of 1998.
The two sides agreed to resume talks in September on erecting a pipeline to transport oil between the two countries at a cost of US $350 million. The Iraqi News Agency said that delivery of additional amounts of oil fall in the context of the protocol signed between the two countries on December 28, 1997 for the eighth successive year.
The agency added that the protocol was ratified by the UN, which has imposed an embargo on Iraq since its invasion of Kuwait in 1990. The agreement provides for the delivery of 4.8 million tonnes of crude oil and byproducts to Jordan. This is estimated at 96,000 barrels of oil per day. Half of the amount is for free. The rest of the amounts is delivered at US $16.8 for each barrel.
The Iraqi News Agency quoted Rashid as saying that the two sides will proceed with talks concerning the project to erect 1,000 km of oil pipeline. The pipeline starts from Haditha, 260 Km Northeast Baghdad to Aqaba port in Jordan via al-Zarka refinery, just 20 km north of Amman.
When completed the pipeline will enable Jordan to save US $55 million it used to pay on an annual basis to access the Iraqi oil through tankers.
The cost of the 750 km- pipelines which links al-Haditha and al-Zarka is estimated at US $350 million. The Iraqi minister stressed that the two countries will cooperate in the fields of "transporting crude oil, and relevant excavation works "on the Iraqi - Jordanian borders.
Previous Stories:
Jordan seeks to buy Iraqi oil
(7/4/1998)
UN Sanctions Committee agrees upon Jordanian export contracts
(7/1/1998)
Jordan and Iraq sign commercial agreement for 1998
(2/18/1998)
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