Jordan to provide Palestine with oil derivatives


Published: 2019-08-07 16:34

Last Updated: 2019-08-07 17:34

Jordan to provide Palestine with oil derivatives
Jordan to provide Palestine with oil derivatives

The Jordanian and Palestinian governments signed on Wednesday, August 7, 2019, a memorandum of understanding (MoU) to cooperate in providing the Palestinian market with oil derivatives "from and through Jordan."

The MoU was signed by the Minister of Energy and Mineral Resources, Hala Zawati and Palestinian Minister of Finance and planning, Shokri Beshara, in the presence of the Head of the Palestinian energy authority Dhafer Melhem.

The MoU stipulates the cooperation between the two countries in the areas of joint energy cooperation and providing the needs of the Palestinian market of oil derivatives through purchasing them from the licensed companies in the Kingdom, exporting them to Palestine and storing them in Jordanian oil facilities.

Minister Zawati said that the memorandum reflects the strong brotherly relations of cooperation between the two countries in a way that serves the interests of the two brotherly peoples, praising the energy cooperation between Jordan and Palestine.

She stressed the importance of providing Palestine with oil derivatives to help the Palestinian people to diversify their sources of energy, expressing the Kingdom's readiness to harness its expertise to the Palestinian side, especially in marketing oil derivatives.

For his part, Beshara affirmed the importance of the memorandum in determining the standards for meeting the Palestinian market's oil derivatives needs, describing the agreement as "vital and important" for both parties.

Beshara said that the memorandum comes within the framework of boosting cooperation between the two countries to serve their economic interests, especially as the oil derivatives market in Jordan is advanced.

Beshara estimated the value of Palestine's annual imports of oil derivatives at $ 2.5-3 billion.

On a related context, he announced the Palestinian Energy Authority (PEA) is actively following up on raising the capacity of electrical connectivity with Jordan.