Amman: Minister of Energy and Mineral Resources, Dr. Saleh Kharabsheh, on Sunday announced Jordan has received Iraqi government’s approval to renew the memorandum of understanding (MoU) to supply crude oil supply to the Kingdom.

The MoU, which was signed by Iraqi Ministries of Oil and Energy and Jordanian Ministry of Mineral Resources, is now extended until next June 26, 2025, under the same contractual conditions.

According to the extension of the memo signed on 4/5/2023, Kharabsheh said the Kingdom will be supplied with no more than 15,000 oil barrels per day. based on the monthly Brent crude oil price minus $16 per barrel, to cover the difference in quality and transportation fees, indicating that this quantity represents 10% of Jordan’s crude oil needs.

In a statement, the minister stressed the MoU importance in enhancing Jordanian-Iraqi economic cooperation and activating land imports, which would subsequently rehabilitate the land highway connecting the two countries and operate their tanker fleet.

The minister added that this step reflects the two countries’ economic interests, enhances joint energy cooperation, contributes to create additional job opportunities and restores the “vital” economic role of the two countries’ land road.

Source: Jordan News Agency