The Jordanian and Palestinian governments on Wednesday signed a memorandum of understanding (MoU) to cooperate in meeting the Palestinian market's oil derivatives needs "from and through Jordan" to benefit from the Kingdom's expertise in this field.
The MoU, which was signed by Minister of Energy and Mineral Resources, Hala Zawati and Palestinian Finance Minister Shukri Bishara, entails cooperation in meeting the needs of the Palestinian market's oil derivatives, through purchasing them from licensed companies in the Kingdom, exporting them to Palestine, and storing them at Jordanian oil facilities.
In remarks after signing the agreement, Zawati said the MoU reflects the "strong" cooperation ties between the two countries to serve interests of the two brotherly peoples.
Zawati lauded the joint energy cooperation, and highlighted the importance of meeting the Palestinian market's oil derivatives needs to help the Palestinian side diversify energy sources.
Zawati voiced the Kingdom's readiness to harness its expertise to the Palestinian side, especially in marketing oil derivatives.
For his part, Bishara stressed the MoU's importance in setting standards for meeting the Palestinian market's oil derivatives needs, describing the agreement as "vital and important" for both parties.
Bishara said: "The MoU seeks to boost cooperation relations between the two countries to serve their economic interests, especially as the oil derivatives market in Jordan is advanced."
On a related context, he announced the Palestinian Energy Authority (PEA) is actively following up on raising the capacity of electrical connectivity with Jordan, describing the project as an "important development," and estimating the value of Palestine's oil derivatives imports annually at $2.5-3 billion.