New Oil Derivatives Law Comes into Effect

تم نشره في Thu 15 March / Mar 2018. 01:00 AM
  • A vehicle fueling up at a gas station in Amman - (Archives)

AMMAN —AlGhad— The new oil derivatives law has official come into effect as of yesterday, Wednesday, following its formal newspaper announcement, giving the Ministry of Energy and Mineral Resources the authority to plan and manage the Kingdom’s fuel and oil policies.

According to the new law, the Ministry is now in charge of managing the Kingdom’s interests and relations with all regional and international parties, in relation to fuel policies.

The ministry will also manage the strategic reserves of fuel in partnership with the respective authorities and parties, with a regulation underway to organise the operation.

Moreover, the ministry will be in charge of managing the financial aspects of the oil and fuel policies as well as the preparation of an emergency response plan.