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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Jordan stops importing oil from Iraq

    Rocky
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    • Post n°1

    Jordan stops importing oil from Iraq Empty Jordan stops importing oil from Iraq

    Post by Rocky Mon 13 May 2024, 5:05 am

    Jordan stops importing oil from Iraq

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    Economy News - follow up
    [rtl]The Jordanian government announced on Sunday that the recent cessation of importing Iraqi crude oil to Jordan coincided with the end of the memorandum of understanding concluded between Jordan and Iraq, which was signed on May 4, 2023, and that work is underway to extend its work for an additional 3 months, until... Renew the entire agreement.[/rtl]
    [rtl]The quantities of oil imported from Iraq constitute about 7% of the Hashemite Kingdom of Jordan's needs for crude oil, while the concluded agreement includes the supply of about 15 thousand barrels of oil per day to Jordan.[/rtl]
    [rtl]For her part, the Director of Oil and Natural Gas at the Jordanian Ministry of Energy and Mineral Resources, Iman Awad, said in an official statement, “The Ministry addressed the Iraqi Ministry of Oil to agree to extend the memorandum of understanding for an additional period of (3) months, in accordance with the same contractual terms, from the date of expiry of the memorandum.” The understanding was dated May 4 of the current year 2024, until the transfer of the contractual quantities of the current memorandum is completed, as the memorandum of understanding can be extended with the approval of both sides,” according to it.[/rtl]
    [rtl]The Jordanian official added, according to the statement, “The Ministry is closely following up with the Iraqi side and the Jordanian embassy in Baghdad, to obtain the necessary approvals from the Iraqi side for the extension.”[/rtl]
    [rtl]She explained that the procedures for signing a new memorandum of understanding will proceed, “and will take place once the transfer of all contractual quantities stipulated in the current memorandum of understanding is completed.”[/rtl]
    [rtl]According to information obtained by CNN Arabic from the Jordanian Ministry of Energy, regarding the remaining contractual quantities of Iraqi oil under the memorandum that expired during the previous period, it amounts to 330,643 barrels of oil.[/rtl]
    [rtl]Meanwhile, Nael Al-Dhiabat, Director General of the Jordanian Company for Transporting Iraqi Oil Tankers, said in a statement to CNN Arabic that the procedures for renewing the memorandum between Jordan and Iraq are proceeding according to their technical procedures, and that the extension will extend until the end of next July, and that the supply of new quantities is expected. It will begin on the first of next August, once the memorandum of understanding is renewed.[/rtl]
    [rtl]In addition, the Jordanian expert and economic analyst, Engineer Amer Al-Shoubaki, said that the basic agreement between Jordan and Iraq regarding the supply of Iraqi oil to Jordan includes the supply of about 3 million and 650 thousand barrels annually, at an average of 10 thousand barrels per day, noting that this agreement has been amended. Last year, the quantities increased to 5.5 million barrels of oil annually, at a rate of 15 thousand barrels of oil per day.[/rtl]
    [rtl]Al-Shoubaki said, “The latest agreement ending with the new quantities is valid, as it also included a clause regarding the automatic extension of the agreement with the approval of the Iraqi and Jordanian governments, but the supply of oil to Jordan stopped approximately 12 days before the end of the contract period, specifically on April 22, instead of the fourth of last year.” This May,” he said.[/rtl]
    [rtl]Al-Shoubaki noted that the contractual quantities according to the expired memorandum have not been fully supplied to Jordan yet, estimating their quantities at about half a million barrels of oil, saying that the renewal of the agreement “had to be done automatically,” according to him.[/rtl]
    [rtl]Al-Shoubaki added: “This agreement brings mutual benefits between Jordan and Iraq, and stopping it harms the interests of both countries.” He operates about 500 trucks to transport oil from Iraqi Kirkuk to Jordan, half of them from the Iraqi side and half from the Jordanian side,” pointing out the importance of transporting oil from Kirkuk wells directly to the Jordanian oil refineries in Zarqa, by analogy with transporting oil for export from Kirkuk in the north to Basra in the south. Then it is loaded, stored, and placed on board ships, which constitutes an additional cost to Iraq.[/rtl]
    [rtl]Al-Shoubaki pointed out that Iraq “is still unable to export its oil via the Turkish Kirkuk-Ceyhan pipeline,” which requires the need to export larger quantities of oil from the northern region of Iraq.[/rtl]
    [rtl]Regarding the preferential prices for Jordan in exchange for supplying Iraqi oil according to the agreement, Al-Shoubaki added, “Jordan gets Iraqi oil at a price about 16 US dollars lower than the price of a barrel of global Brent crude on a monthly average.”[/rtl]
    [rtl]He added: “A large part of this difference goes to the benefit of quality and transportation fees from Kirkuk to the Jordanian oil refinery. The Iraqi government also bears the cost of transportation fees and quality differences when exporting oil through the port of Basra in the south, as well as fees for handling, loading, and storing it on board ships through the port.” Al-Shoubaki stressed that “the Iraqi government is not an absolute loser in its agreement with Jordan, contrary to what many people think.”[/rtl]


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