Jordan's private energy investments expected to reach $ 1.62 in five years

Jul 17, 2000 02:00 AM

Jordan's private investments in the energy sector are expected to reach $ 1.62 bn in the coming five years, Energy Minister Wael Sabri announced. He told King Abdullah during a brief visit to the Ministry that the projects included the building of an independent power plant, the expansion of the country's sole refinery, production of crude from oil shale and the development of the Risheh gas field near the border with Iraq.
"The country will be shortly building its first private power plant east of the capital Amman at an estimated cost of $ 500 mm," Sabri said.
The Minister told that the cabinet had decided to award the contract to the Belgian firm Tractebel, on the basis of build, operate and own (BOO) formula. He predicted that an agreement to this effect would be signed. Sabri said the government also envisaged the expansion of the capacity of the Jordan Petroleum Refinery to 120,000 bpd from 80,000 bpd at an estimated cost of $ 520 mm.
The project is intended to replace previous plans to build a new export-oriented refinery at the Red Sea port of Aqaba after it hit snags from vested interests in the industry, oil industry sources said.

Jordan depends almost completely on Iraq for meeting local energy requirements, but officials do not rule out the possibility of importing crude from other neighbouring countries, like Saudi Arabia, if a need arises.
The Energy Minister also put at $ 400 mm the projected investments in oil shale, which are due to be conducted by a Canadian firm. "The Jordanian government anticipates about $ 200 mm in private sector investments for the development of the Risheh gas field and in the form of oil exploration activities in various parts of the country," he added.

Source: Bridge News via Newspage
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