Kuwait to Fund Jordan's LNG Project

The Kuwait Fund for Arab Economic Development has agreed to finance Jordan's LNG terminal with an investment of $65 million, ansa.it reported last week.

The Fund approved Aqaba Development Corporation's (ADC) decision to award the LNG terminal contract to BAM-MAG JV and will finance the project completely, the website said.

Kamel Mahadin, ADC Chairman and the Chief Commissioner of the Aqaba Special Economic Zone Authority (ASEZA), said that the project will solve the kingdom's needs for oil and energy, ansa.it reported

The project aims to support Jordan's economy and its strategic goals of alleviating the current energy crisis through the importation of liquefied natural gas as a supplementary source to satisfy the current and future demand for natural gas and guarantee a continuous flow of gas in the event of interruption of other sources, with competitive prices to help reduce the cost of electricity production, the report said.

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