10 Percent of Jordan's Energy to Come from Renewable Resources by 2020
55 companies submit proposals for renewable energy projects; Jordan looks to
secure strategic energy supply with international investors.
- (1888PressRelease) September 13, 2011 - Dubai - The Hashemite Kingdom of Jordan currently spends a fifth of its Gross Domestic Product (GDP) on imported energy. Largely due to energy bills, the country's budget deficit for the first half of 2011 climbed 55 percent to US$366 million (AED1.34 billion) up from US$235.1 million (AED864 million) for the same period last year. Frequent disruptions to gas supplies from neighboring countries have threatened Jordan's strategic energy supply raising the costs further by US$3 million dollars (AED11 million) a day from having to utilize more expensive fuel sources.
"We believe that starting the process to reshape Jordan's strategic energy policy to that which involves more renewable energy sources is highly important," said H. E. Dr. Khaled Toukan, Jordan's Energy Minister. "We look forward to meeting regional and international investors and experts to discuss renewable energy, its challenges and solutions, and have Jordan lead the way regionally to a new phase of secure and renewable energy."
Jordan has set an ambitious goal to shift the energy mix to include seven percent from renewable resources by 2015, with the aim of increasing this share to 10 percent by 2020. With its energy requirements set to increase seven percent per year, government and private organizations are on the hunt for alternative energy re-sources , a topic that will be high on the agenda of the Jordan Energy Summit, to take place at the Le Meridien Amman from October 10th to 11th 2011.
Held under the patronage of The Ministry Of Energy And Mineral Resources, the Summit will bring together experts and decision-makers from key entities, including H.E. Dr. Khaled Toukan, Minister of Energy, H.E. Samer Asfour, Chief Executive Officer of the Jordan Investment Board, as well as representatives from the World Bank representa-tives and other private and public sector experts, who will shed light on the investment
environment in Jordan.
"Private companies are showing a keen interest in renewable energy projects with over 55 companies submitting proposals to the government to build renewable energy projects on private land. Outside investors will play a vital role in this as they are the technology owners," said Hanna Zaghloul, Chief Executive Officer, Kawar Energy, who will be presenting on the complexity of photovoltaic technology at the Summit.
In addition to bringing together revolutionary players in the oil shale industry, the Summit will explore the future of natural gas supply in the region, investment op-portunities for the power industry, the rising prominence of nuclear energy and how best to leverage Jordan's renewable resources, especially its wind and solar energy.
About the IIR Jordan Energy Summit:
The only energy investment summit for the Hashemite Kingdom of Jordan brings together repre-sentatives of the global business community for efficient exchange of experience and definition of new investment opportunities. This conference is a must-attend for those interested in exploring new business developments and investment opportunities in Jordan's energy sector, from senior government officials to international operating companies to financiers and investors. The confe-rence is supported by the Ministry Of Energy and Mineral Resources and the National Center for Research & Development.
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