Iraq Approves Framework Agreement to Install Basra-Aqaba Oil Pipeline

A worker walks at the Rumaila oil field in Basra, Iraq (Reuters file photo)
A worker walks at the Rumaila oil field in Basra, Iraq (Reuters file photo)
TT
20

Iraq Approves Framework Agreement to Install Basra-Aqaba Oil Pipeline

A worker walks at the Rumaila oil field in Basra, Iraq (Reuters file photo)
A worker walks at the Rumaila oil field in Basra, Iraq (Reuters file photo)

The Iraqi cabinet approved the framework agreement for the project to install a pipeline to transfer Iraqi crude oil from Basra to Jordan’s Aqaba port on the Red Sea.

Jordanian Minister of Energy and Mineral Resources Saleh Kharabsheh said his Iraqi counterpart Ihsan Abdul Jabbar informed him of the cabinet’s decision in a phone call and commissioned him to complete the procedures to sign the agreement, al-Mamlaka TV reported.

Kharabsheh and Abdul Jabbar agreed to direct the technical and legal teams to proceed with the necessary steps to sign the agreement.

They further agreed on the importance of building on the outcomes of the fourth trilateral Jordanian-Iraqi-Egyptian summit, which was held in June in Baghdad with the participation of King Abdullah, Iraqi Prime Minister Mustafa al-Kadhimi and Sisi.

The project is in line with efforts to bolster bilateral ties and expand cooperation to serve mutual interests by opening a new hub for exporting Iraqi oil.

Under the agreement, Jordan can buy up to 150,000 oil barrels daily to be refined at the Jordan Petroleum Refinery Company in Zarqa city.

The total cost of the project ranges between seven and nine billion dollars, according to Iraqi estimations.



Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
TT
20

Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)

Türkiye's manufacturing sector contracted further in March, with output and new orders continuing to ease amid difficult market conditions both domestically and internationally, a survey showed on Wednesday.
The Purchasing Managers' Index (PMI) slipped to 47.3 from 48.3 in February, marking the lowest reading since October last year, survey compilers S&P Global reported. A PMI reading below 50 indicates a contraction in activity, Reuters reported.
March marked the 21st consecutive month of declining new orders, with the slowdown being the most pronounced since last October. New export orders fell at the fastest pace since November 2022.
"Challenging market conditions both at home and abroad meant for further moderations in output and new orders in March as Turkish firms struggled to secure business," said Andrew Harker, Economics Director at S&P Global Market Intelligence.
Despite the downturn, there were signs of stabilization in some areas. Inventory levels held steady after 10 months of depletion, and suppliers' delivery times improved for the first time in six months, reflecting reduced demand for inputs.
Inflationary pressures eased slightly although currency weakness continued to drive up costs. Employment in the sector also saw a slight reduction for the fourth consecutive month, though the decrease was the smallest so far this year.
Manufacturers remain cautiously optimistic about future output, hoping for improvements in new orders and demand from the construction sector over the coming year.