NYT, Reuters: US-Saudi oil pipeline project gets $25 billion in financing

A key part of a $25.6 billion U.S.-Saudi pipeline project has been approved by a key federal agency.

The United States and Saudi Arabia have been trying to build the pipeline since 2010 but have yet to secure a final project location, which would carry oil from Saudi Arabia to the United States.

The State Department on Thursday announced the $25-billion project in Louisiana and South Carolina, the first of the three projects the agency had approved for the pipeline.

The pipeline would be built by the Louisiana Purchase, a consortium of oil companies led by Total.

The project has received backing from the Export-Import Bank of the United Kingdom, which has given $1.2 billion in funding, according to the agency.

In addition to the $1 billion in State Department funding, $1 million in private financing was also secured from private investors in the Gulf States, according the agency’s news release.

The two projects are part of President Donald Trump’s ambitious pipeline plan.

“The project will benefit Louisiana and its people and will create millions of good-paying jobs in Louisiana, the Gulf Coast and across the country,” the agency said in a statement.

The agency also said the $5.2-billion pipeline will be built in four phases, which will include construction of a 2,000-mile section, as well as other engineering, permitting, environmental review and safety measures.

The projects would create more than 1,200 construction jobs, the agency added.

“I am proud to work with the administration to advance this vital infrastructure project that will benefit the American people and create thousands of good paying jobs,” President Donald J. Trump said in announcing the approvals.

The US-based companies are also expected to provide a new terminal at a planned port in Louisiana for the delivery of crude oil.