Senate energy committee revokes oil shale concession agreement

pump jack oil
(Photo: Freepik)
AMMAN — The Senate’s Energy and Mineral Resources Committee approved a bill to revoke a law that ratified an oil shale concession agreement between the government, represented by the Natural Resources Authority, and the Jordan Oil Shale Company B.V. (JOSCO) for 2022, as referred by the Lower House.اضافة اعلان

According to the Jordan News Agency, Petra, the decision came during the committee's meeting on Wednesday, chaired by Malik Kabariti. It was attended by Minister of State for Legal Affairs Nancy Namrouqa.

The bill's was approved after JOSCO terminated the oil shale concession agreement signed with Jordanian government. The agreement granted JOSCO the power to terminate the agreement 12 months after the evaluation period and before the launch of the pilot, under the stipulation that the company gives 90 days’ notice to the government.

Due to the expiry of the notice period, the concession agreement is deemed terminated by law.

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