Pipeline joins Aqaba and Basrah in growth-driven project
Project to create over 13,000 jobs for two countries01 March, 17:24
Creating even deeper ties with an added economic boost, a pipeline soon to be started between the historic cities is set to become the largest economic project in the Arab world to date.
A cooperation agreement signed on February 28 during the Basrah Investment Conference in Amman will create 'more than 10,000 jobs in Iraq and about 3,000 job opportunities in Jordan,' Professor Kamel Mahadin, chief commissioner of ASEZA, the burgeoning autonomous area on the Jordanian coast, told ANSA.
Together with the Governor of Basrah, Dr. Khalaf A.S.
Al-Khalaf, the two signed a preliminary deal for the Jordan Mega Pipeline Oil Project that is expected to generate $3 billion a year in revenues for Jordan alone.
'This Memorandum of Cooperation sets the framework of future cooperation between Jordan and Iraq in general, and Aqaba and Al-Basrah in particular. It will develop and enrich different fields including logistics, ports, transportation and trade,' Mahadin said.
Basrah is home to all of Iraq's six ports and Aqaba's ports are 'strategically located to serve as a trade gateway to Iraq and the Levant region,' said Mahadin.
Just as its name indicates, Basrah (coming from Persian meaning 'where many paths meet') currently produces 70% of Iraq's total oil production and is considered a gateway for export.
'In 2017, Basrah's oil production will reach 17 million barrels per day. Therefore, this pipeline is crucial for Basrah's exports,' Mahadin added, stressing that both countries will benefit from the implementation of the project.
'Aqaba City is strategically located between four countries and three continents at the heart of the Levant region and offers a competitive business environment that can serve Iraq successfully'.
Mahadin emphasized on the importance of close collaboration between the two parties to develop a strategy that would insure a successful partnership aiming to achieve the desired level of cooperation in order for both parties to benefit.
Aqaba is home to ASEZA, a liberalized, low-tax, duty-free area that has its sights on becoming a world-class hub for business and leisure, easily accessible to the Middle East, Asia and Europe.