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|06 August, 2018

Jordan to approve new oil derivatives for firms once they meet requirements

The decision stipulates that any applications for licences of new marketing companies shall be considered by the EMRC

Image used for illustrative purpose. A nodding donkey rig pumps crude up from the ground on an oil field.

Image used for illustrative purpose. A nodding donkey rig pumps crude up from the ground on an oil field.

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AMMAN — The Cabinet decided on Monday to approve the opening of the oil market for two new marketing companies to distribute oil derivatives within the Kingdom once they meet necessary requirements.

The Council of Ministers has also decided to entrust the Energy and Minerals Regulatory Commission (EMRC) to license the two companies and specify the value of the licence, after meeting all the necessary requirements.

The decision stipulates that any applications for licences of new marketing companies shall be considered by the EMRC in accordance with market needs and based on the requirements of the licence.

Minister of Energy and Mineral Resources Hala Zawati recently announced that the price ceilings for oil derivatives will be specified, so that oil derivatives marketing companies could compete within these ceilings, the Jordan News Agency, Petra, reported.

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