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Jordan signs 120 mln USD loan deal to address energy needs

Xinhua, June 17, 2015 Adjust font size:

Jordan's Housing Bank for Trade and Finance Wednesday signed a 120 million U.S. dollars loan deal with the Jordanian-Egyptian Fajr Company for Natural Gas to support its energy imports.

The bank said the loan involves other banks seeking to cover the company's needs of natural gas and other financial needs.

The loan will be extended in the coming months, it said in a statement.

Jordan recently inaugurated a terminal in Aqaba for liquefied natural gas for import and storage of natural gas to cover the country's needs.

Jordan used to rely heavily on natural gas imports from Egypt, however, since 2011 to date, gas imports have been repeatedly disrupted owing to several attacks on the pipeline exporting gas from Egypt to Jordan.

Hence, Jordan was forced to import natural gas and other fuel types for generating electricity from other markets.

Figures from the Ministry of Energy reveal that Jordan imports about 97 percent of its energy needs at about 18 percent of the country's gross domestic product. Endit