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, according to Jordanian Minister of Energy and Mineral Resources Dr. Saleh Al-Kharabsheh (pictured).
The MoU, which was initially signed on May 4, 2023, has been extended until June 26, 2025 under the same contractual terms.
Jordan will receive up to 15,000 barrels of crude oil per day under the extended MoU, which will be priced at the monthly Brent crude average minus $16 per barrel to take into account differences in quality and transportation costs. Jordan will require approximately 10% of this supply for its crude oil requirements.
The significance of this agreement in enhancing economic cooperation between the two nations was emphasized by Minister Al-Kharabsheh. He emphasized the reopening of the land route between Jordan and Iraq, which will make use of tanker fleets from both countries, and the activation of land imports.
This drive not just backings the financial interests of Jordan and Iraq yet additionally improves energy joint effort, sets out work open doors, and rejuvenates the fundamental monetary hallway between the two nations, he added.
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