By John Lee.
Jordanian Minister of Energy and Mineral Resources, Dr. Saleh Al-Kharabsheh (pictured), announced that the Iraqi Cabinet has approved the extension of the crude oil supply memorandum of understanding (MoU) between the Iraqi Ministry of Oil and the Jordanian Ministry of Energy and Mineral Resources.
The MoU, initially signed on May 4, 2023, has been extended under the same contractual terms until June 26, 2025.
Under the extended MoU, Jordan will receive up to 15,000 barrels of crude oil daily, priced at the monthly Brent crude average minus $16 per barrel to account for quality differences and transportation costs. This supply will meet approximately 10% of Jordan's crude oil needs.
Minister Al-Kharabsheh emphasized the importance of this agreement in strengthening economic cooperation between the two countries. He highlighted the activation of land imports and the refurbishment of the land route between Jordan and Iraq, which will utilize tanker fleets from both nations.
This initiative not only supports the economic interests of Jordan and Iraq but also enhances energy collaboration, creates job opportunities, and revitalizes the vital economic corridor between the two countries, he added.
(Source: Jordanian Ministry of Energy and Mineral Resources)
Comments are closed.