Jordan aims to extend deal to import Iraqi crude oil
Date
5/12/2024 9:44:06 AM
(MENAFN) The Ministry of energy and Mineral Resources in Jordan has announced the cessation of Iraqi crude oil imports, coinciding with the conclusion of the memorandum of understanding (MoU) for processing crude oil, originally signed between the Republic of Iraq and the Hashemite Kingdom of Jordan last May. Iman Awad, Director of the Oil and Natural gas Sector within the Ministry, revealed that Jordan's Ministry of Energy has initiated discussions with the Iraqi Ministry of Oil to explore the possibility of extending the MoU for an additional three-month period under the same contractual terms. This extension aims to facilitate the transfer of the remaining contractual quantities outlined in the current memorandum.
Awad emphasized that the extension of the memorandum of understanding is contingent upon mutual agreement between both parties. The Ministry is actively engaged in monitoring developments with counterparts in Iraq and the Jordanian embassy in Baghdad to secure the necessary approvals from the Iraqi side for the proposed extension. She clarified that once the transfer of all contractual quantities specified in the existing memorandum is finalized, preparations for signing a new agreement will commence. It's worth noting that the volume of oil imported from Iraq constitutes approximately 7% of Jordan's total crude oil requirements.
The announcement underscores Jordan's efforts to maintain a steady supply of crude oil amid contractual transitions and diplomatic negotiations with Iraqi authorities. The Ministry's proactive approach in seeking an extension reflects its commitment to safeguarding the nation's energy security and ensuring the uninterrupted functioning of key sectors reliant on imported oil. As discussions unfold between the two nations, Jordan remains focused on securing a favorable outcome that aligns with its strategic energy objectives and supports its economic stability.
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