Tender to Implement 1st Phase of Jordan-Iraq Power Grid Project Ends on Monday

The first phase of the Jordan-Iraq power grid project is scheduled to be completed by late 2022. (Reuters)
The first phase of the Jordan-Iraq power grid project is scheduled to be completed by late 2022. (Reuters)
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Tender to Implement 1st Phase of Jordan-Iraq Power Grid Project Ends on Monday

The first phase of the Jordan-Iraq power grid project is scheduled to be completed by late 2022. (Reuters)
The first phase of the Jordan-Iraq power grid project is scheduled to be completed by late 2022. (Reuters)

The tender to implement the first phase of the Jordan-Iraq power grid project will end on Monday.

The project, scheduled to be completed by late 2022, will supply Iraq with 400 kilovolts of electricity from Jordan.

The kingdom and Iraq seek to build their electrical interconnection, which would allow for energy exchange in “larger” quantities, reported Jordan's state news agency Petra.

Pevious statements by the Director-General of the National Electricity Power Company (NEPCO), Eng. Amjad Rawashdeh, said the grid is in line with Jordan’s aspiration to link with neighboring countries to exchange electric power, which will stabilize power systems and fulfill plans to establish a joint Arab energy market.

In September 2020, Jordan signed an agreement to sell electricity to Iraq and connect the two countries' power grids.

Rawashdeh said the linkage would be established over two phases.

In the first phase, Jordan will provide 150 megawatts of electricity to Iraq for three years, which can be renewed.

The second phase includes intensifying electrical exchange.

The minister said supplying Iraq with electricity will begin after completing the construction of al-Risha plant in Jordan, and the establishment of the 300-km power line connecting it with the al-Qaim conversion plant in Iraq.

It will be completed within 26 months of the signing of the contract, he added.



Oil Prices Headed for Rebound This Week as US-China Trade Talks Resume

FILE PHOTO: Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, October 5, 2017. Picture taken October 5, 2017. REUTERS/Grigory Dukor/File Photo
FILE PHOTO: Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, October 5, 2017. Picture taken October 5, 2017. REUTERS/Grigory Dukor/File Photo
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Oil Prices Headed for Rebound This Week as US-China Trade Talks Resume

FILE PHOTO: Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, October 5, 2017. Picture taken October 5, 2017. REUTERS/Grigory Dukor/File Photo
FILE PHOTO: Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, October 5, 2017. Picture taken October 5, 2017. REUTERS/Grigory Dukor/File Photo

Oil prices slipped on Friday but were on track for their first weekly gain in three weeks after US President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world's two largest economies.

Brent crude futures fell 11 cents, or 0.2%, to $65.23 a barrel as of 0634 GMT. US West Texas Intermediate crude gave up 12 cents, also 0.2%, to $63.25, after gaining around 50 cents on Thursday, Reuters said.

On a weekly basis, both benchmarks were on track to settle higher after falling for two straight weeks. Brent has advanced 2.1% this week, while WTI is trading 4% higher.

China's official Xinhua news agency said trade talks between Xi and Trump took place at Washington's request. Trump said the call had led to a "very positive conclusion," adding the US was "in very good shape with China and the trade deal."

Canada also continued trade talks with the US, with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly.

The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the US levies are flowing through into the global economy.

"The potential for increased US sanctions in Venezuela to limit crude exports and the potential for Israeli strike on Iranian infrastructure add to upside risks for prices," analysts at BMI, a Fitch affiliate, said in a note on Friday.

"But both weaker demand for oil and increased production from both OPEC+ and non-OPEC producers will add to downside price pressures in the coming quarters."