AMMAN, Aug. 7 (Xinhua) -- Jordan and Palestine on Wednesday signed a deal to cover the Palestinian market's needs of oil types via and from Jordan.
The deal, which was signed by Jordan's Minister of Energy and Mineral Resources Hala Zawati and Palestinian Finance Minister Shukri Bishara, entails cooperation in fulfilling the Palestinian market's needs of oil through purchasing them from Jordan's licensed companies, the state-run Petra news agency reported.
Under the deal, oil products bought from Jordan can either be exported to Palestine or stored in Jordanian oil facilities.
Zawati underlined the significance of providing Palestine with oil derivatives to help it diversify its energy resources, expressing Jordan's readiness to share its expertise with Palestine.
Bishara said that the deal is vital for both countries.
The Palestinian minister estimated the value of Palestine's annual imports of oil derivatives at between 2.5 billion U.S. dollars and 3 billion U.S. dollars.
He added that the Palestinian energy authority is closely following up on plans to raise the capacity of electric-grid connection with Jordan.