BAGHDAD: A private Saudi company submitted an offer to rebuild Iraq-Saudi oil export pipeline idled since 20 years. Iraq's oil ministry is studying the offer, ministry spokesman Asim Jihad said. Jihad and a representative of the Saudi firm, Ali Mahir, said the offer proposed involving Japan's Mitsubishi and a Hungarian company identified as OTV, which took part in the construction of the original 626 km (390 mile) pipeline. “We welcome any cooperation with Saudi Arabia in the oil sector to enhance bilateral relations. The offer is under discussion,” Jihad said. OPEC member Iraq first started oil exports through the 1.7 million barrels per day pipeline in 1989, but the Saudis shut it off the following year after the start of the Gulf War. It has remained closed since then. Asim Jihad said Iraq was keen to find new export outlets to cope with the expected rise in production after signing 11 deals with foreign companies. Companies developing Iraqi oilfields will considerably raise production in coming years.
