Forum puts Basra-Aqaba oil pipeline into focus this week

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Iraq, February 25, 2013
Around 250 Jordanian, Iraqi and international investors will gather in Amman this week to take part in the Basra Investment Conference that will focus on the oil pipeline between Basra and Aqaba.

The two-day forum, to start on Wednesday, will also see the participation of Jordanian and Iraqi officials, according to organisers who announced that the event will be inaugurated by Prime Minister Abdullah Ensour.

Iraqi Business Council (IBC) President Majid Saadi indicated in a press conference Sunday that the conference will provide an opportunity to boost commercial and economic ties between Amman and Baghdad, in addition to addressing business obstacles facing investors from both countries.

The forum will include sessions to introduce investment opportunities and laws to participating businesspeople, particularly available opportunities in the fields of oil, natural gas, electricity and ports as well as infrastructure in Iraq's southern city of Basra, Saadi said.

It will also introduce incentives given by Jordanian authorities to Iraqi investors, he added.

According to the IBC president, special sessions will be held to review the strategic oil pipeline, currently being discussed by Jordanian and Iraqi governments, which both countries hope will be implemented in the near future.

The $18 billion-pipeline project, Saadi said, is set to run from Basra to Jordan's port city of Aqaba to export 2.25 million barrels per day through the Kingdom. It would generate between $2-$3 billion a year in revenues to Jordan, he added.

It would also secure the Kingdom's oil needs that range between 120,000 - 150,000 barrels a day.

The sessions will discuss the role of Jordanian and Iraqi banks in financing the needs of investors and contractors from both countries, Saadi noted.

Jordan Investment Board (JIB) acting Chief Executive Officer Awni Rushoud highlighted the importance of the forum by saying it would boost economic and commercial cooperation between Jordan and Iraq.

Security and stability as well as the fact that the two countries are neighbours have positioned Jordan as a gateway and a hub for Iraqi businesses, Rushoud said, adding over the past years Iraqi investments in the Kingdom have increased tangibly.

Rushoud gave a briefing about incentives Jordan offers to Arab and foreign investors, remarking that since the establishment of JIB in 1995 the country has attracted investments worth of JD18 billion.

"Our strategy for this year focuses on attracting investments from key trading partners such as Iraq," the JIB head noted, indicating that the volume of investments registered in 2012 reached over $1.6 billion.


http://www.iraqdailyjournal.com/story-z7157799

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Iraq and Jordan meet this week to conclude a deal Basra line - Aqaba oil

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Iraq and Jordan meet this week to conclude a deal Basra line - Aqaba oil


Translation / Baghdadiya News / .. Web site, the Jordan Times that nearly 250 of Jordanian businessmen and Iraqi and foreign investors will meet in Amman this week to participate in a conference Basra Investment will focus on the pipeline project linking the city of Basra and the port of Aqaba.

The report went on, seen by and translated / Baghdadiya News / The Forum, which will continue for two days in Amman, starting from next Wednesday will witness the participation of Iraqi officials and Jordanians with Prime Iraqi Business Council Majid Saadi "that the conference will provide an opportunity to strengthen trade and economic ties between Baghdad and Amman in addition to addressing obstacles facing investors in both countries.

According to the Chairman of the Iraqi Business Council, it will be special sessions to review the strategic oil pipeline, which will be discussed between the Iraqi and Jordanian governments where both countries hope that this project will be implemented in the near future.

Said Majid Saadi "that the pipeline project, worth $ 18 billion has been laid to transport oil from Basra province and even the port of Aqaba in Jordan to export 2.25 million barrels of oil per day with will provide between 2 to 3 billion dollars a year to Jordan as it will ensure needed oil Jordan between 120 to 150 thousand barrels per day. " Saadi pointed out that the meetings will discuss the role of the Iraqi and Jordanian banks in the financing needs of investors of both countries said Chairman of the Investment Promotion Corporation Jordan Awni Rashoud "that we have a strategy for this year will focus on attracting investments from major trading partners such as Iraq." Mushir that "the volume of investments recorded in 2012 amounted to more than $ 1.6 billion." Finished / 21


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