Eesti Energia plans breakthrough in Jordan

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Eesti Energia plans breakthrough in Jordan

Dec 16, 2013
From wire reports, TALLINN

Estonian state-owned energy giant Eesti Energia may announce before the end of the year that it has achieved an agreement with financers over the Jordan oil shale-powered power station and mine, Postimees daily claims.

Eesti Energia's subsidiary owns 44+10 year-long concession rights for using Jordan's oil shale reserves. If it is true that after months of negotiations with financers, Eesti Energia has reached an agreement, it would be a major breakthrough since so far the company's activities in Jordan and USA have only brought public criticism.

Eesti Energia council chairman Jüri Käo said that news about the Jordan project can be expected on Thursday when the company's council convenes.

Käo said that currently the construction and design procurement contest is in the finishing stages as well as conclusion of preliminary agreements with financers.

Eesti Energia has invested and will invest in the Jordan project 30 million euros, but the sale of the stake in the project later on should give back that plus profits.