Energy: 1.6 $billion to fund oil shale energy project

12 January, 14:38

    (ANSAmed) - AMMAN, JANUARY 12 - A joint consortium of Estonian-Malaysian companies signed a $1.6 billion agreement to set up oil shale a power plant south the kingdom with 470 megawatts capacity, official news agency said today. Officials have described the agreement, to be funded by Chinese banks as the biggest in history of the kingdom in terms of funding by an international consortium.

    Minister of Energy and Mineral Resources Ibrahim Saif was quoted by Petra news agency as saying that the joint venture between Estonian Enefit and Malaysian YTL International, could be the largest in the history Jordan in terms of its funding that will exceed $2 billion by the end of the implementation phase.

    The project is due to be completed by 2019, the project is considered fundamental to Jordan's new policy of minimizing dependency on imported fuel and provide up to 3000 job opportunities. "The project would diverse the country's energy sources, stressing the government's commitment to ensure the success of this project with full transparency and effectiveness," said Prime minister Abdullah Nesour who was present during the signing ceremony.

    (ANSAmed)
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