Jordan renews special agreement to import oil from Iraq

Nov 26, 2002 01:00 AM

In oil news, Jordan renewed its 11-year-old special agreement to import oil from Iraq, during a signing ceremony in Baghdad. The deal allows Jordan to import next year around 4 mm tons of crude and 1 mm tons of oil products, at less than half the world prices.

The agreement comes under a special exemption from the UN trade embargo slapped on Iraq for invading Kuwait in 1990. On the macroeconomic front, Lebanon has expressed hopes that a key donors conference in Paris will help shore up its economy and avert draconian reform plans that the International Monetary Fund (IMF) may have for the debt-plagued country.

Officials in Beirut hope to raise $ 3 to $ 5 bn in aid to lower the overall interest paid on its $ 30 bn in public debt. Lebanon spends more than $ 3 bn annually to service its debt, and this in turn represents half of its budget, or 18 % of gross domestic product.

Source: Bahrain Tribune Daily Newspaper
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