New York Times Feed
Energy poor Jordan could see an economic boost from declining oil prices, even if the slide continues for the short term only, experts say.
The decline of more than 20 per cent in international oil prices since June — with Brent crude falling to around $87 per barrel Wednesday — would help the Kingdom to cut its ballooning oil bill and reduce the losses of the state-owned electricity company, the analysts told The Jordan Times Wednesday.
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Prices of diesel and kerosene products are expected to witness a bigger drop than that of petrol in the next government pricing update for fuel set to be announced on Friday, an informed source said Sunday.
According to the source, who requested to remain unnamed, diesel and kerosene prices are expected to go down by no less than 7 per cent, while petrol prices may drop by around 5 per cent.
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Jordan expects to finalise a deal next month with Noble Energy Inc to supply the kingdom with natural gas from Israel's Leviathan field, that could save at least $1.4 billion in the country's annual import energy bill, the energy minister said.
The kingdom is struggling to meet electricity demand which is growing by more than 7 percent due to a rising population and industrial expansion. At the same time, reducing losses at state electricity firm NEPCO are a key performance criterion in Jordan's 36-month standby loan deal with the IMF.
NEPCO piled up debts...
Jordan will most likely finalise a deal with Noble Energy next month for supply of natural gas from Israel's Leviathan field, news agency Reuters reported Friday.
"We are working on the long-term supply deal (with Noble Energy) but we have not yet decided the amounts and prices. We are aiming by mid-November to reach an agreement," energy minister Mohammad Hamed said in an interview.
Last month, Noble"......Continue Reading >
The dramatic slump in global oil prices has spooked investors and exposed tensions between Organization of the Petroleum Exporting Countries (OPEC) members.
Benchmark Brent crude has been at the forefront, tumbling 25% since June. It was trading around the $85 (£53, €67) per barrel mark on 23 October, after news that Saudi Arabia had cut its oil exports in September.
Analysts are divided"......Continue Reading >
The drop in international oil prices is good news for Jordanians, if it is reflected “fairly” on domestic fuel prices.
The fall in the price of Brent crude to its lowest level since late 2010 has prompted many Jordanians to hope the pace of the decline internationally would be reflected in the domestic market by the end of this month as the government is set to update fuel prices.
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Militants in Sinai sabotaged a gas pipeline between Egypt and Jordan Tuesday night, according to a report in Israeli media.
Egyptian security forces are investigating the incident, according to Israel Radio.
Unconfirmed reports from Egypt indicated the attack occurred in El-Arish in northern Sinai.
The reported attack on the pipeline occurred at around"......Continue Reading >
Dubai-headquartered companies Transworld Group and NAWAH announced today that the two firms have entered into a formal agreement to service Iraq’s growing demand for imports, linking their considerable shipping, logistics, marine services and port capabilities.
As part of their agreement, Transworld Group and NAWAH Port Management, NAWAH’s port operations business"...Continue Reading >
(ME NewsWire) -- EMAS AMC, the subsea division of EMAS, a leading global"...Continue Reading >
Jordan and Attarat Power Company (APCO) has signed a US$2.2bn deal to build oil shale-fueled power plant with a capacity of 470MW.
Mohammad Hamed, Jordan’s minister of energy, said that the oil shale-fueled power plant will begin operations by the end of 2018 and will cut the country’s energy spending by US$500mn annually, adding that the plant is the first of its kind in the region.
According"...Continue Reading >