King directs government to capitalise on low oil prices, urges sustaining oil supply to various sectors

AMMAN — His Majesty King Abdullah on Saturday stressed the importance of taking the necessary measures to maintain supplies of oil derivatives to various sectors.

During a visit to the Amman Strategic Reserves Terminal for Petroleum Products at Al Madouneh, King Abdullah directed the government to continue supplementing the strategic reserves of petroleum products, capitalising on the current drop in oil prices, according to a Royal Court statement.

His Majesty underscored the strategic value of Al Madouneh, calling for further investments in the area and an upgrade to its infrastructure to turn it into an energy hub.

During the visit, the King checked on the strategic reserve of oil derivatives in the Kingdom, in line with His Majesty's keenness to follow up on the measures taken to counter the impact of the coronavirus disease (COVID-19) and ensure the sufficiency of basic commodities.

The Amman Strategic Reserves Terminal for Petroleum Products, which was established with a $210 million fund from the UAE and extends over 400,000 square metres, was opened in 2019 and accounts for 21.5 per cent of oil storage facilities in Jordan, the statement said.

Noting the availability of sufficient oil derivatives to cover the Kingdom’s needs, Energy Minister Hala Zawati briefed His Majesty on the terminal’s facilities.

Zawati said that the terminal, along with the Jordan Petroleum Refinery in Zarqa and other facilities for fuel storage in the south are aimed at covering the entire country’s needs of oil products.

The minister emphasised that the government is working to bolster the strategic stockpile and storage capacity of energy supplies in the Kingdom.