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Enefit may quit Jordanian oil shale mega-project

: Thursday, May 08 - 2014 @ 00:41

A joint Estonian-Malaysian consortium has warned it would abandon its $2.1bn oil shale project in Jordan if no final agreement is sealed with the government soon, Jordan Times has reported. Enefit, which plans to build a 553-megawatt oil shale-fuelled power plant, said it has not yet received a government response on a price it proposed to sell electricity from the plant and connect it to the national grid, a matter it said endangers the implementation of the entire project. “We secured about $1.4bn in financing for the project from Chinese banks and the deadline for this financing is mid-June. If we do not reach an agreement with the government on the price before mid-June we will lose the financing, and it will be hard and take a long time to secure another financing,” Andres Anijalg, project director for Enefit Jordan told the daily. “If the government does not reply to us soon, we have no option but to abandon the project,” he said.

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Thursday, May 8- 2014 @ 0:41 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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