AMMAN: Jordan’s Minister of Energy and Mineral Resources Saleh Kharabsheh on Sunday announced that Jordan had received approval from the government of Iraq to renew the memorandum of understanding for crude oil supply.
Jordan News Agency reported the agreement, initially finalized in May 2023 by the Iraqi Ministry of Oil, the Ministry of Electricity and the Jordanian Ministry of Mineral Resources, has now been extended until June 2025 under the same conditions.
Under the MoU, Jordan will receive up to 15,000 barrels of oil per day. The price of the oil will be based on the monthly Brent crude rate, minus $16 per barrel to account for the difference in quality and transportation fees.
This quantity approximately constitutes ten percent of Jordan’s crude oil requirements.
Kharabsheh highlighted the significance of the MoU in enhancing economic cooperation between Jordan and Iraq and improving land-based imports.
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He noted that this would also help in rehabilitating the highway linking the two nations used by their tanker fleets.
The minister said that this development underscores the economic interests of both countries, will generate additional employment opportunities, fosters joint energy cooperation, and revitalize the critical economic corridor between Jordan and Iraq.
