Iraq, Jordan agree deal over trade of oil and goods

Iraqi Prime Minister Adel Abdul-Mahdi meets with Jordan’s Prime Minister Omar Al-Razzaz and officials on the Iraqi-Jordanian border, Iraq February 2, 2019. (Iraqi Prime Minister Media Office/Reuters)
Updated 02 February 2019
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Iraq, Jordan agree deal over trade of oil and goods

BAGHDAD: Iraq resumed oil deliveries to neighboring Jordan on Saturday as the premiers of both countries met along their shared border as part of a bid to boost trade.
Iraqi Prime Minister Adel Abdel Mahdi met with his Jordanian counterpart Omar Al-Razzaz at the Treibil border crossing, referred to as Al-Karameh in Jordan, which reopened in August 2017.
The only crossing between the two countries was shuttered in 2014 as the Daesh group swept across Iraq, but was reopened after Iraqi forces pushed back the militants.
Baghdad declared victory against Daesh in late 2017.
On Saturday, the two sides agreed that Iraq would provide Jordan with 10,000 barrels of crude a day transported by truck from oil-rich Kirkuk province at a special price, Jordan’s official Petra news agency said.




Jordan’s Prime Minister Omar Al-Razzaz stands with his Iraqi counterpart Adel Abdul-Mahdi on the Iraqi-Jordanian border, Iraq February 2, 2019. (Iraqi Prime Minister Media Office/Reuters)

It did not say what the price was or when the oil would be exported.
Iraqi goods imported via Jordan’s Aqaba port on the Red Sea would meanwhile receive preferential tariffs, it said.
Aqaba port at the north end of the Red Sea has long been a major transit route for Iraqi imports and exports, and Amman has long relied on Iraqi crude to fuel its economy.
Transport costs would be taken into account under the deal, according to Petra, and the possibility of Baghdad granting discounts to Amman has upset some Iraqis.
Amman is pushing to meet its hydrocarbon needs through a pipeline project that would connect Basra on the southern tip of Iraq with the Jordanian port of Aqaba.
The two countries said Saturday they had begun studying its construction.
Abdul Mahdi says the government aims to decrease dependency on oil exports for state revenue. Oil exports from OPEC’s second-largest producer account for more than 95 percent of state revenues.
In January, Jordanian King Abdullah II made his second trip to Baghdad in more than a decade after a flurry of meetings between senior officials of both countries.
For its part, Iraq is looking for solutions to its chronic electricity shortages.
To secure an exemption from US sanctions on Iran, Baghdad has announced plans to curb its reliance on electricity supplied by Tehran and buy power from Jordan, Turkey and Kuwait.
The two premiers agreed Saturday that Jordan would begin providing electricity to Iraq “in less than two years,” according to Petra.
The two sides also agreed to lift Iraqi taxes on hundreds of Jordanian products, and to establish a joint industrial zone along the border, according to statement issued by the prime minster’s office.


Closing Bell: Saudi main market closes the week in red at 10,526 

Updated 25 December 2025
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Closing Bell: Saudi main market closes the week in red at 10,526 

RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.    

The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.  

Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.    

Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).    

On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.    

Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.    

On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.  

Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.    

Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.  

On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.    

The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.  

Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.     

Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.    

The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.