MEOG: Iraq to increase Jordan exports

Jordan’s Ministry of Energy and Mineral Resources (MEMR) announced this weekend that it will be increasing imports of crude oil from Iraq to 15,000 barrels per day, up from the current level of 10,000 bpd.

Iman Awwad, the director of oil and natural gas at the ministry, said that the Iraqi authorities have agreed to augment the quantities starting from August’s commencement.

This increase will be implemented under the same contractual terms set forth in the crude oil memorandum of understanding (MoU), which was jointly signed by both countries on May 4.

Awwad further confirmed that all necessary technical and logistical arrangements have been made by the ministry to facilitate the smooth transfer of oil from the Modern Kirkuk warehouse’s loading site to the Jordan Petroleum Refinery (Jopetrol) situated in Zarqa.

The decision means that the total monthly quantity of Iraqi crude oil imports will now amount to approximately 450,000 barrels, marking a significant increase on the previous monthly supply of 300,000 barrels.

The agreement to raise imports stemmed from the successful discussions held during the visit of Prime Minister Bisher Khasawneh to Baghdad on July 24, wherein both parties reached a consensus on the augmentation of oil supply.

In May the two governments came to terms to renew their previous MoU for another 12 months.

Crude trade between the pair was halted at the end of March upon the expiry of their previous on-year agreement, with the deal to run for another 12-month term.