FINANCIAL NEWS

Jordan sells stake in shale project to YTL Power

16 Dec 2010

(MENAFN) Estonian state oil company Eesti Energia, said that it has sold its 30 percent share in Jordan�s oil shale project to Malaysia’s YTL Power, to develop an oil plant with an output of about 38,000 barrels per day (bpd) and a 900 megawatt oil-shale fired power plant, Reuters reported.

According to YTL Power’s Director of Financial Analysis Lucius Chong, the firm is joining power and utility companies from India, South Korea and Japan in investing in overseas fuel assets in order to manage the escalating costs of fuel and gas.

Chong declined to put a specific dollar value on YTL Power’s investment into Jordan, but said the project’s capital cost is approximately $5 billion.

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