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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil: Transferring the Basra-Aqaba pipeline project from investment to financing requires studies

    Rocky
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    Oil: Transferring the Basra-Aqaba pipeline project from investment to financing requires studies Empty Oil: Transferring the Basra-Aqaba pipeline project from investment to financing requires studies

    Post by Rocky Mon 18 Apr 2022, 5:29 am

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    BAGHDAD -
    The Ministry of Oil denied, today, Sunday, that it had attracted bids for the Basra-Aqaba pipeline project or referred it for implementation, and while noting that there were two proposals to finance the implementation at a cost of more than $8 billion, it confirmed that transferring it from investment to financing requires studies.
    A spokesman for the Ministry of Oil, Assem Jihad, told Al-Iraqiya News, followed by the Iraqi News Agency (INA), that "the Basra-Aqaba pipeline project represents a new outlet for Iraqi oil exports, and it comes within the framework of the ministry's plans to open a number of new outlets."
    He added, "The ministry also planned to establish an oil pipeline with Syria that would reach the Mediterranean, but the situation there prevented that, and there are also problems obstructing the work of the Iraqi-Turkish oil pipeline, which is currently used illegally, unfortunately."
    He added, "The Ministry of Oil is an executive-technical body that presents its projects to the government, which, if it ratifies them, transmits them to the House of Representatives to vote on it through the people's representatives."
    He stressed that "the Basra-Aqaba pipeline project is not new and has been proposed since the eighties of the last century, and it was re-proposed as a result of the crises that occurred in the past in the Gulf waters and the Strait of Hormuz and the need for a new outlet, and the successive Iraqi governments in 2011 and 2013 agreed to implement it."
    He pointed out that "hosting the Minister of Oil in the House of Representatives raised questions about the economic feasibility of the project and whether Iraq needs a new outlet for oil exports."
    Regarding the route of the line, Jihad explained that "the Basra-Aqaba pipeline will be on two tracks and two sections, the first linking Basra to the Haditha city in Anbar Governorate to transport crude oil and meet the internal need from it for refineries and necessary uses, as well as to increase the electrical stations operating there."
    He stressed that "the second section begins with Haditha and ends with Aqaba in Jordan, where it will initially secure the export of 200,000 barrels per day, with a capacity of one million barrels, and Iraq can control the exported volume."
    He pointed out that "the Ministry of Oil distances itself from political conflicts, and the uproar about the project is inaccurate, because the ministry did not sign any contract regarding the construction of the pipeline and did not solve it, and the ministry's efforts were limited to attracting offers, and we stress the need to consider the national interest because planning strategic projects supports the economy and strengthens relations." with neighboring countries.
    He stressed that "the ministry is seeking to attract an offer to implement the pipeline through a company or a coalition of companies that it is establishing at its expense and agreeing to deduct investment expenses over several years because the costs are great."
    He added, "There is also an idea that government funding will be at a cost of no more than $8.5 billion," noting that "the project was transferred to the next government because its transfer from investment to funding requires presenting realistic studies for implementation."
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