Minister of Energy and Mineral Resources to take next steps.
The Jordanian Prime Minister Dr. Abdullah Ensour announced on 21 May 2014 the government’s intention to consider implementing the Extractive Industries Transparency Initiative (EITI) in order to “ensure transparency and openness in this important sector”.
In a meeting dedicated to the management of the country’s extractive industries, the Prime Minister instructed the Minister of Energy and Mineral Resources, Dr. Mohammad Hamed, to take action on the recommendation to implement the EITI.
The decision followed a presentation of the EITI by the Chairman of the Committee for Privatization, Mr. Omar Al-Razzaz, who explained that joining the EITI will help Jordan promote confidence and stability in the extractive sector as well as ensure that the government receives its due from royalties and in the event of price fluctuations in the industry.
Jordan is looking to increase its limited production of oil and gas, and there are currently a number of exploration projects taking place in eight blocks around the country. The Hashemite Kingdom also has exploitable quantities of oil shale, gold, phosphates and uranium, among others.
The EITI aims to improve the way revenues from oil, gas and minerals are managed to ensure that people across the world share in the economic benefits of the natural resources in their country. Currently 44 countries are implementing the Standard, including neighbouring Iraq.