Senate Energy Committee Revokes Oil Shale Concession Agreeme...| MENAFN.COM

Saturday, 28 January 2023 06:52 GMT

Senate Energy Committee Revokes Oil Shale Concession Agreement With JOSCO


(MENAFN- Jordan News Agency)


Amman, Jan. 25 (Petra) - The Senate's Energy and Mineral Resources Committee approved a bill revoking the law ratifying the oil shale concession agreement signed by the government, represented by the Natural Resources Authority (NRA), and the Jordan Oil Shale Company B.V (JOSCO) for 2022, as referred by the Lower House.
This green-light came during the committee's meeting on Wednesday, headed by Malik Kabariti, in the presence of Minister of State for Legal Affairs Nancy Namrouqa.
The bill's mandating reasons came after JOSCO terminated the oil shale concession agreement signed with Jordanian government represented by NRA.
As per the agreement, the company is entitled to terminate the concession agreement after the end of the assessment period and ahead of the first pilot phase, according to a 90-day notice sent by JOSCO to the government.
Due to the expiry of the notice period, the concession agreement is deemed terminated by law, given that JOSCO ended the oil shale concession agreement with the Jordanian government

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