August 2017

Enefit Renewables prepares for European IPO

27 Aug 2017

Enefit American Oil parent company, Estonian state-owned Eesti Energia, plans to list up to 49 percent of its Enefit Renewables unit early next year in an initial public offering (IPO) that could raise up to 500 million euros ($557.25 million).

 

The listing was agreed in the Estonian government’s coalition agreement in last November.

 

The IPO is planned for the first half of next year, with the timing to be detailed later this year. The Bulk of the IPO proceeds would go towards the development of a new wind park in Tootsi, southwest Estonia.

 

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Construction starts on large Enefit-affiliated oil shale project in Jordan

27 Aug 2017

Construction recently began on the Kingdom of Jordan’s first oil shale-fired power station and open cast oil shale mine. Enefit affiliate Attarat Power Company (APCO) secured $2.1 billion in funding for the project, notable for being the largest-ever private financing deal in the world’s oil shale industry. Operation of the new power plant is set to begin in mid-2020.

 

Enefit has shepherded this project since receiving a concession agreement from the government of Jordan – including all exploration, engineering and related tasks, such as bringing on strategic and financial partners at the right stages. The project clearly demonstrates Enefit’s ability to successfully develop a greenfield project outside of the company’s home country of Estonia.

 

In addition to developing the power plant, Enefit is also seeking to produce liquid fuels from Jordanian oil shale, similar to the company’s Utah Project. To facilitate this, the company has signed a 40-year exploration and production agreement with the Jordanian government.

 

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Utah Mining Association, Enefit meet with new EPA Administrator

27 Aug 2017

Scott Pruitt, recently confirmed as President Trump’s pick to lead the U.S. Environmental Protection Agency, visited Utah in mid-July to seek input on a variety of issues, including a 2015 water regulation that has led to uncertainty for mining companies and other industries. EAO Head of Development and Environment, Ryan Clerico and Utah Mining Association (UMA) President Mark Compton had the opportunity to participate in a roundtable discussion with Administrator Pruitt on the Waters of the United States, or WOTUS, rule. Rikki also serves on UMA’s board of directors.

 

The WOTUS rule, enacted during the Obama Administration, effectively extends federal oversight to virtually all bodies of water – including seasonally dry creek beds, drainage ditches and puddles.

 

Farmers, miners and other interests have sought a clearer definition of waters affected by the controversial rule since it was first proposed. Administrator Pruitt, who criticized the rule during his tenure as Oklahoma’s attorney general, said he favors clarifying, and, perhaps, limiting the regulation.

 

The roundtable discussion also touched on a number of other issues important to UMA, EAO and the mining industry in general, including federal permitting delays, the dangerous reliance on foreign sources of minerals for the nation’s manufacturing base, energy needs and national defense, and proposed rules dealing with cleanup of closed mines.

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