Egypt, Jordan and Iraq sign MOU for oil and gas cooperation
Through the new agreement, Iraq aims to increase their oil and natural gas production as well as to regain market share lost in previous years while Egypt aims to meet increasing domestic energy demand.
The parties also agreed to build a new oil pipeline starting from Iraq’s southern city of Basra to Zarqa in Jordan and then to Aqaba, from which it would be extended to Egypt. The new pipeline will reportedly shorten transportation distance and reduce costs.
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