Ammon News, Business

PM, economic team visit RJ

[4/24/2017 3:50:00 PM]

AMMONNEWS - Prime Minister, Hani al-Mulki and the government's economic team Monday visited the Royal Jordanian (RJ), as part of field trips the government's economic team pays to various national institutions that are considered prime movers of economic activity. The national economic reform program will focus on major institutions and companies that deliver significant contributions to the gross domestic product either directly or indirectly through job generation, the prime minister told a meeting with RJ's Chairman of the Board of Directors, Sa'id Darwazah, and the board members. He pointed out that this visit comes as part of a series of follow-up visits by the economic team, which began by a visit to the Arab Potash Company (APC) to look firsthand at future plans and programs and potential challenges. Al-Mulki emphasized the importance of a collective effort to help the national carrier overcome challenges and achieve profitability that support its plans and development programs. RJ's Chairman and board members briefed the prime minister and the economic team on the national carrier's future plans and challenges, as well as it contribution to the national economy. The RJ team emphasized the importance of continuing the company's efforts to reduce costs while increasing productivity and profitability.

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Major agreements signed for petroleum refinery expansion

[4/23/2017 3:23:05 PM]

AMMONNEWS - Prime Minister, Hani al-Mulki, on Sunday, patronized the signing of two agreements between the Jordan Petroleum Refinery Company (JPRC) and two U.S. oil companies, specializing in oil and refineries' design, to kick-start the JRPC's fourth expansion project, estimated at a total cost of about $1.6 billion. The two agreements were signed by JRPC's CEO, Abdel Karim Alawin, U.S. Honeywell-UOP President and CEO, Rebecca Liebert, and Refining Technology, KBR, Vice President, Doug Kelly. The two agreements pertain to granting the necessary licenses for implementing the JRPC's fourth expansion project from relevant authorities concerned with technological matters and basic engineering designs required for the project. Alawin said the signing is related to licensing activities, designs, equipment, assisting factors and services with costs exceeding $115 million. He explained that the activities will take about 8 months to complete. The project will improve the quality of products, increase the profitability of refining activity and significantly contribute to preserving the environment. Liebert said Honeywell-UOP has started to operate in Jordan since the fifties, by granting licenses and designs when the JRPC was established, and specializes in the field of oil and refineries design. She expressed pleasure to participate in implementing of the fourth expansion project, which contributes to the improvement of oil derivatives and economic development in Jordan. Kelly also said KBR, a Texas-based company, specializes in the field of oil- and refinery-related technologies, adding that he was looking forward to working with the JRPC to make the fourth expansion project a success.

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Jordanian companies take part in Algiers International Fair

[4/23/2017 6:22:15 AM]

AMMONNEWS - A total of 23 Jordanian industrial companies will take part in the 50th Algiers International Fair that opens on May 8. Board Chairman of the Amman Chamber of Industry Fathi Al Gaghbeir said in a press statement on Sunday that the chamber is working with various official bodies to increase Jordanian exports, and enable them to enter new markets. He voiced hope that obstacles facing the flow of Jordanian goods to Algeria will be removed and that and the free trade agreement signed with Algeria will be renewed. Jordan's exports to Algeria stood at $117 million in 2016 compared to $89 million in 2015. The Kingdom's imports from the North African Arab country also reached $70 million in 2016 compared to $43 million in 2015. More than 1,000 national and foreign exhibitors are expected to take part in the several-day event.

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Jordan, Kenya Announce New Economic Partnership

[4/22/2017 8:15:58 AM]

AMMONNEWS - The joint Jordanian-Kenyan trade committee has stressed the importance of cooperation to enhance bilateral ties in different fields and to build efficient economic partnerships between the two countries. During the closing ceremony of its first session, the committee headed by Industry and Trade Minister Yarub Qudah and his Kenyan counterpart Adan Mohamed highlighted the need to increase bilateral trade, which is still insufficient despite numerous opportunities available. They also called on measures to motivate the private sector in order to benefit from existing agreements and to exchange more bilateral visits for the aim of discovering more cooperation fields. Qudah said the meetings reflect the progressing relations between the two countries, stressing the importance of the trade and economic cooperation agreement which was signed on the sidelines of the Jordanian Week in Nairobi last December. The Jordanian minister said the discussions were of great importance as officials negotiated a free trade zone to enhance ties and diversify trade activities. During its three-day meeting, the committee reviewed cooperation in the trade, investment, and industry fields as well as small and medium-sized projects. The Kenyan minister said the committee’s work will give a boost to cooperation between Jordan and Kenya, especially in economy and trade. The two sides also signed minutes of the joint committee’s meetings and reviewed political, trade, and economic relations. They also showcased the mutual ties, and economic and commercial politics in both countries. The Jordanian and Kenyan sides have agreed to establish a joint business council to exchange economic information and feasibility studies, in addition to the organization of a Jordanian-Kenyan business forum. The Kenyan side expressed its interest to cooperate with Jordan in exchanging expertise and the available opportunities in exclusive economic zones. It has introduced a memorandum of understanding to its Jordanian counterparts proposing cooperation to develop such zones. The agreements also recommended the exchange of visits, trade missions, and information on trade and investment opportunities, in addition to the boost of promotional campaigns through conferences, and workshops to enhance investment chances between both countries. In its turn, Jordan’s Chamber of Commerce introduced a draft cooperation agreement which will be reviewed by its Kenyan counterpart and negotiated with the member states of the east African community. *Asharq Al Awsat

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Gov't expects economic growth at 3pct in 2017

[4/19/2017 4:09:36 PM]

AMMONNEWS - Minister of Industry, Trade and Supply, Yarub Qudah said the government expects in the budget plan for the current fiscal year that the national economy will grow by 3 percent while exports are set to expand by 8 percent. He added that public debt now comprises 94.5 percent of Gross Domestic Product (GDP), saying the budget deficit will reduce public spending on capital projects. Qudah noted that the government is convinced that achieving development goals will come in partnership with the private sector. "Our philosophy today is to give leadership to the private sector through establishing and implementing projects in partnership with us (the government)," he said. The minister gave his remarks in a session dubbed: "Obstacles facing the Jordanian Economy and the Role of the Private Sector" organized by the Jordan Young Entrepreneurs Association (YEA) in partnership with the Friedrich Naumann Foundation for Liberty (FNF) - Jordan. *Petra

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Jordan received JOD1.6nln of GCC grant

[4/19/2017 4:04:24 PM]

AMMONNEWS - Jordan has received JOD1.6 billion out of JOD3.5 billion grant Arab Gulf nations pledged to the Kingdom in 2012 to be paid over a 5-year period, according to data released Wednesday by the Ministry of Planning and International Cooperation. The data showed Saudi Arabia, Kuwait and the United Arab Emirates have transferred JOD524.94 million; JOD721.4 million and JOD415.4 million respectively. The total amount spent in 2016 from the grant amounted to JOD327.17 million, while the value of grants whose financing agreements had been signed reached JOD2.469 billion, according to the data. The GCC's Supreme Council had approved a $5 billion grant to fund development projects in Jordan over a five-year period, shared by Saudi Arabia, the United Arab Emirates, Kuwait and Qatar with $1.25 billion from each country.

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Jordanian Aqaba port ready for Iraqi oil pipeline

[4/18/2017 4:12:29 PM]

AMMONNEWS - Jordanian maritime experts said that the new Aqaba ports are capable to deal with the Iraqi oil pipeline that will extend from southern Iraqi city of Basra to Aqaba port. Jordanian al-Ghad daily reported that the port has special piers for oil products, including liquid gas (LNG) and natural gas (LPG). The paper added that the ports administration will build additional storage tanks for the Iraqi oil pipeline

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