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