OIL AND GAS

IFC to fund $188 million solar plant in Jordan January 18, 2018

The International Finance Corporation (IFC) said it will finance a major solar power plant worth $188 million to boost renewable energy investments as the refugee influx takes its toll on the kingdom's resources, the organization said today.

The financing package for the 248-megawatt Baynouna facility developed by Masdar (Abu Dhabi Future Energy Company) includes $54 million from IFC's own account and $134 million mobilised from other senior lenders including a parallel loan from Japan International Cooperation"...

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Jordan to hike fuel and bread prices: Reports January 17, 2018

Jordan is to increase the price of fuel and bread as it seeks tax revenues to redress a debt-riddled economy rattled by the war in neighbouring Syria, press reports said on Tuesday. The latest tax hikes come as resource-poor Jordan faces a public debt of some $35 billion, equivalent to 90 per cent of its gross domestic product.

Tax on fuel is to increase from 24 to 30 per cent, Jordanian newspapers reported the government as deciding on Monday.

And the price of bread is to double from next month,"...

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IFC supports Jordan’s ‘largest renewable energy project’ January 17, 2018

The International Finance Corporation (IFC), a member of the World Bank Group, has arranged a financing package of up to $188 million for the largest solar photovoltaic (PV) power plant in Jordan to date, the corporation announced on Tuesday.

The plant is the latest in a series of efforts to boost renewable energy investments in a country faced with increased energy demand, in part driven by the growing refugee crisis, according to an IFC statement"...

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Asia and Middle East: The Proven Drivers of Gas Demand Growth for Next 10 YearsJanuary 10, 2018

All signs point to Asia leading the gas demand and continuing this upward trajectory for at least the next decade. Natural gas is still showing strong signs of becoming the world’s second most important source of energy over the next decade, according to Majid Jafar, CEO of Crescent Petroleum, the Middle East’s oldest private oil & gas company.

Examples of this trend are seen in both India and S. Korea. India’s Prime Minister"...

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Senate endorses fuel derivatives law January 8, 2018

The Senate on Sunday endorsed the 2016 fuel derivatives law as referred from the Lower House with some amendments, the Jordan News Agency, Petra, reported.

The fuel derivatives law regulates economic and investment activities related to the fuel derivatives sector, which includes crude oil and refinement, natural gas, liquefied natural gas, bio-fuels, oil shale and coal.

The"...

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Boehringer Ingelheim Demonstrates Continuous Commitment to Its Venture Fund and Fostering Innovation by More than Doubling Funding to 250 M€January 3, 2018

(AETOS Wire)-- Boehringer Ingelheim today announced an increase in funding for its corporate venture fund, known as the Boehringer Ingelheim Venture Fund (BIVF), from EUR 100 to 250 million. The additional funds will be used to invest in promising early stage start-up companies, focusing on regenerative medicine, infectious diseases and immune oncology among others, as well as growing the portfolio in the U.S. and opening doors for the BIVF in digital health. The significant additional"...

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Gasoline, diesel prices up January 2, 2018

The government's fuel pricing committee on Sunday decided to reduce the price of kerosene by JD0.030 and increase the price of unleaded 90-octane gasoline to JD0.730 per litre, up from JD0.720.

The committee decided that unleaded 95-octane gasoline will be sold at JD0.955 per litre, up from JD0.945 and diesel to be sold at JD0.550 up from JD0.450 during January.

The"...

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Jordan allocates initial $2 million for joint pipeline project with Israel January 2, 2018

Jordan has allocated 1.5 million dinars (around $2.1 million) in the 2018 national budget for a gas pipeline linking the Hashemite Kingdom with Israel. According to Al-Ghad newspaper on Sunday, the cost of the joint Jordanian-Israeli project is expected to rise to 3 million dinars ($4.2 million) in 2019, and to 6 million dinars ($8.5 million) by 2020. The pipeline will pass over the Sheikh Hussein border crossing, 90 km from Amman.

In September"...

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Solar power plant opened in Madunah December 30, 2017

Deputising for His Majesty King Abdullah Royal Court Secretary General Yousef Issawi, head of the follow-up committee for the implementation of Royal initiatives, on Thursday opened the second phase of a solar power plant in Al Madunah, the Jordan News Agency, Petra, reported.

The project is the largest connected to the electricity grid network using the power traction system.

Issawi"...

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Jordan to power Royal Court with solar December 30, 2017

A 12 MW solar power plant has come online this week in Jordan. The PV plant in Al Madunah is said to be the country’s largest grid-connected solar plant and sits on a 25-ha site. The output from its ground-mounted single-axis tracker system is expected to cover the power needs of the Royal Court, the National Centre for Security and Crisis Management and 21 governmental and care centres, including orphanages and care centres for the elderly and people with disabilities. Awwad Hijazi, director of the Royal Engineering Administration at the Royal Court, said the project was carried out under the supervision of the administration in co-operation with Amman-based solar firm Spectrum. The project was completed in six months. A first 5.6 MW phase was commissioned in 2015. Royal Court Secretary General Yousef Issawi called the project “a “national achievement which reflects the determination of Jordanians for development”. Jordan has targeted the installation of 1600 MW of solar and wind power capacity by 2020. powerengineeringint ...

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