Ammon News, Business

Planning minister meets with European lawmakers


[5/23/2017 2:55:49 PM]

AMMONNEWS - Minister of Planning and International Cooperation, Imad Fakhoury, on Tuesday met with a number of members of the European Parliament and discussed the repercussions of turmoil in the Middle East on Jordan. The minister told the MPs that assistance the European Union extended to Jordan enabled it to shoulder the burden of a massive number of Syrian refugees and attend to the needs of host communities. The EU is an important partner of Jordan and one of the main donors to the Kingdom in the reform and development process, Fakhoury told the lawmakers who represented the "Friends of Jordan" and "Relations with the Countries of the Levant" committees. He emphasized the importance of EU assistance in supporting the treasury and bridging part of the funding gap and overcoming economic challenges. He urged the European Parliament to back Jordan's efforts to obtain more funding to support the budget and priority projects. The MPs promised to follow up with concerned EU bodies to make available additional aid to Jordan, which they hailed a model for partnership with the bloc. They also said the Kingdom sets a model for a country that fights terrorism and extremist ideology and deepens interfaith dialogue.

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Jordan, Iraq discuss Basra-Aqaba oil pipeline


[5/22/2017 10:21:54 AM]

AMMONNEWS - Minister of Energy and Mineral Resources Ibrahim Saif discussed with Iraqi Oil Minister Jabbar Al Luaibi a project to construct an oil pipeline between Iraq and Jordan to export Iraqi crude oil via Jordan and provide the Kingdom with its oil needs. Saif said that a Jordanian technical team will hold meetings on June 7-8 to finalize the project's agreements. The project will provide Jordan with 150,000 barrels of oil per day, out of 1 million barrels that will be exported through Aqaba. Jordan, Iraq and Egypt signed in November 2015 a memorandum on the $5.6 billion project.

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Japan provides Jordan with $22 million grant


[5/22/2017 10:19:28 AM]

AMMONNEWS - Ministry of Planning and International Cooperation and the Japanese government on Monday, signed an agreement under which the Japanese government, through the Japanese International Cooperation Agency (JICA), provides an additional grant to the Jordanian government, valued at $21,616,344. The grant will be administered by the United Nations Office for Project Services (UNOPS) to support the second phase of an urgent program to improve the efficiency of the water sector in the northern governorates hosting Syrian refugees, benefiting 20,000 citizens in the targeted areas. Planning and International Cooperation Minister Imad Fakhoury and Ambassador of Japan to Jordan Shuichi Sakurai, Director and Representative of the UNOPS Operational Hub in Amman Bana Kaloti, Chief Representative of the JICA Office in Amman Tsutoma Kobayashi signed the grant agreement. Fakhoury said that the grant is a response from the Japanese Government to the request made to support Jordan in alleviating the burdens of hosting 1.3 million Syrian refugees in Jordan as part of the Jordanian response plan (JRP) to the Syrian crisis. The minister said that the grant aims to improve the quantity, quality and efficiency of drinking water, noting that it is following the first phase, which was implemented with the support of the Japanese government through a grant in 2014 worth about $22.4 million that was officially received on May 11, 2017. Fakhoury expressed appreciation to Japan's support, praised the deep rooted relations and cooperation in various fields, noting that Jordan has received about $1290.12 million, $505.72 million of which in grants and the rest in soft loans, in addition to technical assistance provided to Jordan through the (JICA). For his part, Ambassador Sakurai said in his remarks at the signing ceremony "I strongly hope that the new grant, in conjunction with the previous one, will improve water supply services for people in the region, thereby contributing to increased access to clean water and promotion of peace and social stability in Jordan.

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World Economic Forum concludes


[5/21/2017 4:25:27 PM]

AMMONNEWS - On behalf of His Majesty King Abdullah II, Prime Minister Hani Al-Mulki attended the closing session of the World Economic Forum on the Middle East and North Africa, which was held on Dead Sea under the theme "Empowering Generations into the Future". Head of Regional Strategies for the Middle East and North Africa at the World Economic Forum, Miroslav Dusk, said that the forum has created a new economic model whose backbone is entrepreneurship and startups, which underscores the need to empower them and provide them with the right environment for them to help them grow and sustain. He added that the forum saw the launch of many initiatives, the most important of which is the Internet for All in Jordan to include Syrian refugees and the Sustainable Investment Partnership to address the financial challenges facing enterprises in the region. Dusk stressed that the outcome of the gathering will positively reflect on Jordan and the countries of the region, noting that the forum has worked for many years to facilitate dialogue on the challenges facing the region and find political solutions to them. Petra

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Iraqi team is visiting Jordan to draw up Basra-Aqaba oil pipeline preliminary features, says minister


[5/17/2017 3:21:44 PM]

AMMONNEWS - Minister of Energy and Mineral Resources, Ibrahim Saif, on Wednesday, said an Iraqi technical team is currently visiting the Kingdom to draw up what he called the "preliminary features" of the Iraqi-Jordanian oil pipeline. The pipeline, which starts in the Iraqi southern city of Basra and ends in the southern port of Aqaba on the Red Sea, is nearing the implementation phase, the minister said in a statement, stressing that this regional project is important in serving Iraq, Jordan and Egypt. He pointed out that Iraq agreed to refer the project to the main developer and the process of drawing the project's course, which is expected to provide the Kingdom of its oil needs and create more industries and job opportunities. On renewable energy projects and power generation, Saif said the government's efforts resulted in developing a total of 1000 MW of electricity projects from solar and wind sources with a total investment of about $1.6 billion, despite the surrounding political circumstances. These projects will be operational in 2018/2019 and will constitute about 20 percent of the electric power in the Jordanian electrical system by 2020, the minister noted. The energy minister talked about his ministry's role in strengthening the energy system in the Kingdom by opening the market to private sector companies to import and sell fuel to consumers, while the government plays the role of regulating and pricing the sector. He added that the ministry follows-up, monthly, on the pricing of oil derivatives in order to protect the citizen first and investors in the sector.

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Israeli partners report earnings after first gas shipments to Jordan


[5/17/2017 7:59:33 AM]

AMMONNEWS - The draw on one of the largest natural gas fields offshore Israel should peak this year as Jordan takes its first deliveries, Delek Drilling and Avner Oil said. Delek and Avner Oil Exploration reported this as their first quarter for earnings reports reflecting natural gas exports from the Tamar field to Jordan. Tamar and the nearby Leviathan gas field combine for an estimated 28 trillion cubic feet of natural gas reserves, with Leviathan accounting for more than half of the aggregate. The two companies said Jordanian deliveries, coupled with a rise in demand in the domestic market, meant gas consumption during the first quarter was up 9 percent compared with last year. Yossi Abu, the CEO of the companies, said this is the first report outlining natural gas shipments to Jordan. "The export of gas from Tamar, together with the streamlining of the Israeli market, is resulting in a rise in demand for natural gas from Tamar, and we expect 2017 to be recorded as a peak year in gas consumption," he said in a statement. Jordan in the past has struggled to find a reliable source of natural gas in part because of downstream problems in Egypt. Jordanian companies Arab Potash and Jordan Bromine secured a total gross quantity of 66 billion cubic feet of natural gas from the Tamar field. First quarter 2017 is the last time Delek and Avner issue separate financial results. Starting Sunday, Avner will move under Delek's umbrella. Delek for the first quarter recorded a net profit of $39.8 million, up about 20 percent from the same period last year. Avner's net profit of $39.1 million marked an improvement of more than 25 percent. *UPI

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RJ – official carrier for the World Economic Forum


[5/17/2017 7:53:47 AM]

AMMONNEWS - The World Economic Forum has selected Royal Jordanian to be the official carrier of the forum participants for the ninth time ever since its first meeting in Jordan held in 1995. RJ President/CEO Captain Suleiman Obeidat expressed the airline’s satisfaction with being the official carrier and a WEF sponsor for the 9th time, which is testament to the forum organizers’ appreciation and RJ's reputation as a quality service airline that offers a wide route network and extends facilities to the hundreds of participants, including leaders from the highest echelons of the political and business worlds. As the national carrier of Jordan, Obeidat said that the RJ participation in the forum, which will be held on the Dead Sea shores between May 19 and 21, 2017, opens new chances to the airline and helps it find promising markets, at the same time, the airline takes the opportunity to present the privileges of its services, route network, modern fleet of aircraft and resort to the latest IT systems that ease travel immensely. Obeidat pointed out that the fact that WEF is held in Jordan is proof of the kingdom’s stability and security. He added that the partnership between the WEF and RJ-being the official carrier - gives the participants benefits and services, in addition to the facilities extended at Queen Alia International Airport. It also involves RJ staff members who give assistance during the days of the meeting, manning sales and reservation offices at the forum. The forum will use RJ's name and logo on all the documents, printouts and brochures used at the event. RJ has always been a keen sponsor of various national and international events as part of its goal to encourage holding large-scale conferences in Jordan.

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