Minister of Energy and Mineral Resources Dr. Saleh Al-Kharabsheh announced Sunday that Jordan has received approval from the Iraqi Cabinet to extend the memorandum of understanding (MoU) for the supply of crude oil between the Ministry of Oil in the Republic of Iraq and the Ministry of Energy and Mineral Resources in Jordan. 

The MoU, originally signed on May 4, 2023, will now remain in effect under the same contractual terms until June 26, 2025.

In a statement to Roya, Al-Kharabsheh stated that under the extended MoU, Jordan will receive up to 15,000 barrels of oil per day, based on the monthly average price of Brent crude oil minus USD 16 per barrel to account for quality differentials and transportation costs. This supply will cover approximately 10 percent of the Kingdom's crude oil needs.

Al-Kharabsheh emphasized the significance of the MoU in strengthening economic cooperation between the two countries. He highlighted that the agreement would facilitate overland imports, the rehabilitation of the land route between the two countries, and the operation of tanker fleets in both Jordan and Iraq, thereby reflecting the economic interests of both nations.

He also noted that the agreement enhances energy cooperation between the two countries, contributes to job creation, and revitalizes the economic activity of the overland route.