Jordan-China group bids for pipeline to Iraq

[29-03-2016 02:38 PM]

Ammon News - AMMONNEWS - A Jordanian-Chinese consortium has submitted a bid to build and operate a one-million-bpd crude oil export pipeline to the Red Sea port of Aqaba, Iraq, a report said.

Jordan’s Mass Group Holding, along with a consortium of Chinese companies, submitted a service fee proposal to Iraq’s oil ministry for the project, reported Iraq Business News, citing Platts.

Under the contract, crude will be supplied by state-owned South Oil Company (SOC), via the State Oil Marketing Organization (SOMO).

In return, the consortium will be paid a service fee, compensating it for construction and fixed operating costs, as well as a throughput service charge.

The deal could see a close in the first half of 2017, the report said, quoting a source as telling Platts.

*Trade Arabia

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