Iraq and Jordan have agreed in principle on building a pipeline between both countries to supply Amman with crude oil for the coming decades, officials announced after a visit to Iraq by Jordans prime minister, Samir Rifai.

Wintershall, Germanys largest producer of crude oil and natural gas, part of the BASF Group, earlier this year opened a new branch in Abu Dhabi.

Tenaris recently inaugurated its first plant in Saudi Arabia, Tenaris Saudi Arabia Ltd., in the presence of Saudi Aramco executives and members of local authorities.

High crude prices will continue to fuel the expansion of GCC economies, boosting the number of jobs for nationals and foreigners, the regions private sector has said.

The Arab petroleum Investments Corporation (Apicorp), a multilateral development bank owned by the 10-member states of the Organization of Arab Petroleum Exporting Countries (OAPEC) has said it is in discussions to exit key investments and reinvest the proceeds in new oil and gas projects across the MENA region.