May 12, 2024 - The Ministry of Energy and Mineral Resources said today, Sunday, that the cessation of importing Iraqi crude oil coincides with the end of the memorandum of understanding for the processing of crude oil signed between the government of the Republic of Iraq and the government of the Hashemite Kingdom of Jordan, signed on 5/4/2023. The Director of Oil and Natural Gas at the Ministry, Engineer Iman Awad, stated that the Ministry of Energy has addressed the Iraqi Ministry of Oil to agree to extend the memorandum of understanding for an additional period of (3) months, with the same contractual conditions, from the expiration date of the memorandum of understanding on 5/4/2024, for the purposes of completing the transfer of quantities. The contractual nature of the current memorandum is that the memorandum of understanding can be extended with the approval of both sides. Awad added that 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. She explained that the procedures for signing a new memorandum of understanding will be initiated once the transfer of all contractual quantities stipulated in the current memorandum of understanding is completed, noting that the quantities of oil imported from Iraq constitute about 7% of the Kingdom’s needs for crude oil.