Egypt secures oil from Iraq

• Tweet

CAIRO, March 5 (UPI) -- The Egyptian government said it was committed to a project that would extend an oil pipeline from Iraq through Jordan at the cost of $17 billion.

Egyptian Prime Minister Hesham Kandil met with Iraqi Prime Minister Nouri al-Maliki in Baghdad this week with both sides saying economic and trade measures were top priorities for their partnership.

Egyptian Trade Minister Hatem Saleh said Tuesday that Maliki and Kandil agreed to the terms of a $17 billion investment that would extend an oil pipeline from Iraq through Jordan. There Egyptian refineries would process the Iraqi oil, reports the Egyptian State Information Service.

Saleh said all three countries would reap benefits from the project. A meeting is expected next week to spell out final terms. No time frame for pipeline development was announced.

The agreement would mean Iraq would send about 4 million barrels of crude oil from the southern region to Egypt every year, reports the Egyptian Independent newspaper.

Egypt, since its 2011 revolution, has suffered energy shortages. In November, the government said it was inviting investors to help develop its refinery sector.