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Jordan and Iraq Stress Pipeline Need
The Jordanian King Abdullah II and Iraqi President Nouri al-Maliki emphasized the importance of implementing an oil pipeline project from Basra to Aqaba Port on the Red Sea, to help strengthen Iraqi oil exports, which have been affected by disruptions in the Strait of Hormuz. The project, with a cost of approximately $18 billion, involves transporting one million barrels of oil daily and providing 150,000 barrels per day to Jordan, along with the construction of tanks and an export port for oil. Despite signing a general framework agreement in 2012, the project has not yet been implemented. This comes amidst a decline in Iraq's oil revenues, which have decreased due to the crisis in the Strait of Hormuz, with Iraq losing around $60 billion in revenue since the start of the war.
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