Consortium signs funding deal for shale oil project

AMMAN — A Sino-Estonian-Malaysian consortium on Monday signed a $1.6 million agreement at the Prime Ministry for the funding of a project to burn shale oil to generate electricity, the Jordan News Agency, Petra, reported. 

The agreement was signed between the conglomerate and funding banks, which are the Bank of China and the Industrial and Commercial Bank of China.

Under the agreement, Jordan's first oil shale-fired power plant will be built in the Attarat area with a total capacity of 470megawatt. 

Prime Minister Abdullah Ensour highlighted the importance of the project that the government has worked for years to implement in reality to benefit from oil shale in generating electricity.

The premier said the project will contribute to secure the Kingdom's energy and diversify its sources, noting that work at the plant will begin in July 2019.

The government will pay sufficient attention to the implementation of the project to ensure its success, according to Ensour. 

Main goals of the project include diversifying energy sources, increase dependency on locally produced power and slashing energy imports.

The project will also contribute to creating more jobs during its trial and operational periods, the premier noted

The initial agreement was signed when His Majesty King Abdullah visited China last year and the financial deal Monday was the second step towards implementing the project, Petra quoted Energy Minister Ibrahim Saif as saying.