PM:Gov't policies resulted in $5 billion investment in energy sector

02-04-2017 09:43 AM

Ammon News - AMMONNEWS - Prime Minister Hani Mulki said that the government's energy policies resulted in attracting Arab and foreign investments in this sector valued at $5 billion.

He described the energy sector in Jordan as "clear and organized " and works within advanced and comprehensive national strategies that resulted from the Energy Sector Strategy 2015-2025. "The strategy aims at increasing the share of local energy resources in the energy mix through exploiting renewable energy resources to generate electricity," he said.

The prime minister made the remarks as he delivered a speech on behalf of His Majesty King Abdullah II during the opening of the Third Jordan International Energy Summit, that is organized by the Ministry of Energy and Mineral Resources.

President of the Royal Scientific Society Her Royal Highness Princess Sumayya Bint Al Hassan attended the opening ceremony.

Mulki said that these investments came as a result of the government's policies that sought to raise the efficiency of the energy sector and increase investments through focusing on planning and monitoring, and paving the way for the local and the foreign private sector to invest in this sector in a just and transparent competitive environment.

Jordan he said, has a vast institutional experience to deal with these investments and expand them including electricity generation, extraction of minerals as well as infrastructure projects related to this sector.

Minister of Energy and Mineral Resources Ibrahim Saif said that Jordan's efforts over the past period resulted in developing solar and wind energy projects that are expected to generate 1,500 megawatts of electricity with investments exceeding $2 billion.

He said the share of renewable energy to the total energy mix was expected to reach 20 percent of the generated electricity in Jordan in 2020.

The minister said that the financial closure has been reached for the construction of the first oil shale-fired power station and open cast mine in Jordan with an investment value of $2.2 billion.

Saif also spoke about the challenges facing the energy sector in Jordan including the rise in oil imports which stood at JD2.4 billion last year or 11 percent of the Gross Domestic product. The two-day meeting, which will be attended by representatives of 45 countries, combines a comprehensive overview of the key issues facing Jordan’s energy sector, with wider insight into the role that the Kingdom plays as the primary energy hub in the region.

The event will be covering investment opportunities in different energy sectors including; renewable energy, nuclear, oil, shale, and gas supply.

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