AMMAN: Jordan has given the green light for the construction of a pipeline that would bring oil from southern Iraq to its port of Aqaba, a government spokesman said Tuesday.
In 2013, the neighboring countries agreed on the idea of the 1,700-kilometer (1,000-mile) pipeline to run from Basra to the Red Sea port at a cost of $18 billion.
But plans for the pipeline — which would run across Iraq — were then put on hold after the Islamic State jihadist group in 2014 swept across large parts of the country.
Jordan’s cabinet late Monday approved a framework agreement to be signed by both countries to build the pipeline to export Iraqi crude and provide resource-poor Jordan with oil, government spokesman Mohammed Momani said.
Momani did not give a timeframe for its construction.
Jordan relies on imports for 98 percent of its energy needs. It currently consumes 134,000 barrels per day and imports most of its oil from Saudi Arabia.
Oil-rich Iraq, which declared victory against IS nationwide in December, is seeking to boost production and exports to fund its reconstruction after years of war.
In 2013, an Iraqi official said his country would pump 850,000 barrels per day down the pipeline to Jordan, which would be enough to cover Jordan’s needs and export the rest via Aqaba.
Iraq sits on one of the world’s largest oil reserves — 153 billion barrels by Baghdad’s own estimates.
Iraq delivered oil to Jordan for preferential prices under the UN oil-for-food program during the rule of late dictator Saddam Hussein.
Jordan approves construction of Iraq oil pipeline
Jordan approves construction of Iraq oil pipeline
SIDF concludes participation in Momentum 2025
RIYADH: The Saudi Industrial Development Fund concluded its participation in the Development Finance Conference Momentum 2025 organized by the National Development Fund under the patronage of Crown Prince Mohammed bin Salman, prime minister and chairman of the NDF board.
The event was held from Dec. 9 to 11 at the King Abdulaziz International Conference Center in Riyadh.
The conference provided a platform to explore the future of development finance and its role in supporting sustainable growth. It brought together leading thinkers, investors, and decision-makers from around the world to discuss key challenges and opportunities, and to exchange experiences that enhance financing tools and maximize their developmental impact.
SIDF participation underscored its active role in supporting economic development through its financing advisory and knowledge-based programs as well as its diverse initiatives designed to meet the needs and aspirations of manufacturers and investors, aligning with the Kingdom's objectives and Vision 2030 targets.
In a panel discussion on the sidelines of the conference, Prince Sultan bin Khalid bin Faisal, CEO of SIDF, highlighted that the fund has, for more than 50 years, continued to develop its financing and advisory tools to empower national industries and enhance their global competitiveness.
He noted that SIDF has supported more than 4200 projects with total disbursements exceeding SR150 billion ($40 billion), attracting investments of nearly SR800 billion.
Prince Sultan added that the fund is currently focused on creating new financing channels in collaboration with government and private entities to provide sustainable funding for the private sector through mechanisms that attract capital and investors.
He said: “We recently launched the world’s largest supply chain financing program in collaboration with Saudi Aramco and the Saudi Electricity Co., benefiting thousands of suppliers and factories.”
SIDF participation culminated in signing a cooperation agreement with the Saudi Arabia Railways to identify opportunities for industrial sector support and to assist investors in localizing goods and services to increase domestic content.
The Momentum 2025 conference reflects the Kingdom's leading role across various development sectors, highlighting the contributions of its development ecosystem in shaping a sustainable developmental future that delivers economic and social impact in line with Vision 2030 objectives.
The conference serves as a platform for collaboration that advances the implementation of development finance solutions, bringing together leaders from government entities, development finance institutions, investors and innovators from within the Kingdom and abroad.
It aims to strengthen partnerships that align capabilities across the system and translate developmental priorities into actionable initiatives, fostering inclusive and sustainable growth.
