Shale Oil to Feed Jordan's $2.2 Billion Power Plant

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--The $2.2 billion shale oil-fired power plant project at Attarat um Ghudran in Jordan is scheduled for completion by the end of 2018, said Mohammad Hamad, the Jordanian Minister of Energy and Mineral Resources.

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Hamad spoke at a press conference after signing a 30-year power purchase agreement with a construction consortium for the 470-megawatt (MW) plant. Enefit (Eesti Energia) (Tallin, Estonia) will hold a 65% stake in the project; YTL Power International Berhad (KLX: YTLPOWR) (Kuala Lumpur, Malaysia) will hold 30%; and Near East Investments (Amman, Jordan) will hold 5%.

The new power station is expected to reduce Jordan's annual energy expenditures by $500 million. The shale oil feed will be drawn from Jordan's shale reserves, which are estimated at more than 70 billion tons.

"The project will greatly help in Jordan's efforts to reduce energy imports from 97% of its needs currently to 60% by 2020," Hamad said. He added that the plant will be the first of its type in the region.

Eesti Energia was established in 1939 and has extensive experience in the shale gas and power sectors.

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