 |
Louisiana Light • 7 days | 82.10 | +0.80 | +0.98% | ||
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Bonny Light • 1 day | 80.11 | -1.52 | -1.86% | ||
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Opec Basket • 4 days | 84.16 | +0.38 | +0.45% | ||
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Mars US • 25 days | 79.71 | -2.05 | -2.51% | ||
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Gasoline • 15 mins | 2.209 | +0.029 | +1.33% |
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Bonny Light • 1 day | 80.11 | -1.52 | -1.86% | ||
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Girassol • 1 day | 80.79 | -1.42 | -1.73% | ||
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Opec Basket • 4 days | 84.16 | +0.38 | +0.45% |
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Peace Sour • 6 hours | 58.61 | -0.68 | -1.15% | ||
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Light Sour Blend • 6 hours | 62.46 | -0.68 | -1.08% | ||
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Syncrude Sweet Premium • 6 hours | 67.06 | -0.68 | -1.00% | ||
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Central Alberta • 6 hours | 60.61 | -0.68 | -1.11% |
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Eagle Ford • 4 days | 72.02 | -1.56 | -2.12% | ||
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Oklahoma Sweet • 4 days | 72.25 | -1.50 | -2.03% | ||
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Kansas Common • 6 days | 67.25 | -0.75 | -1.10% | ||
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Buena Vista • 6 days | 83.36 | -0.42 | -0.50% |
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Iraq and Jordan Agree to Develop $18 Billion Oil Pipeline
The Jordan Times has reported that Iraq and Jordan have agreed to begin planning the construction of an $18 billion pipeline that will carry oil from the southern city of Basra in Iraq, to the north-eastern port city of Aqaba in Jordan.
Jordan, one of the smallest economies in the Middle East, suffers from a lack of domestic natural resources and therefore relies on imports for more than 90 percent of its energy needs; equating to around 100,000 barrels of oil per day.
Energy imports by the kingdom of Jordan hit 19 percent of GDP in 2011, up from 9 percent of GDP in 2003, as an increase in electricity demand required larger volumes of fossil fuels. The country also saw its public debt rise rapidly due to its reliance on Egypt for its supply of natural gas.
It is hoped that the construction of the pipeline will help create 10,000 jobs, which will provide a big boost to the national economy, increase Jordan’s independence from other countries in terms of energy imports, and also earn the kingdom an extra $3 billion a year in revenue.
According to Khalaf Al Khalaf, the governor of Basra, the city and its surrounds currently account for about 70 percent of Iraq’s total oil production, pumping out around 2.3 million barrels a day. Al Khalaf stated that he expects Basra to be producing 17 million barrels a day by 2017, and that the new pipeline will be crucial for exporting this oil around the world.
By. Joao Peixe of Oilprice.com
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The plan had assumed a defeat of the iraqi regime followed by a 'Berlin 1945' style liberation and 'democratisation' (regime change) in Iraq followed by 'stability' and the comnstruction of these oil pipelines to Haifa to decrease reliance on Gulf tanker supply and the Iranian threat to that...
Had this pie in the sky plan worked it would have cut oil transport times and costs by half abd given Israel, and Haifa a much neede economic boost as thge major Med oil terminal for Gulf oil crude etc.
Of course it was all a fabntasy dreant up by Neo-Cons who substituted real policies for fantasy game playing while destroying human lives and nation states.
So it seems that Aqaba rather than Haifa may now benefit fro a new version of this plan. Well good for Jordan if it comes true. They could really do with the money and the strategic importance. Aqaba an oil terminal - LoA would be proud... So long as there are no oil accidebts that could destroy the Red Sea unique ecosystems.