Energy Jordan’s crude oil output drops by half in 2023 By Pramod Kumar August 27, 2024, 7:39 AM Unsplash/Zbynek Burival Jordan's crude oil output fell to 43,988 barrels from 94,675 barrels in 2022, according to the government Jordan’s crude oil output suffered a 50 percent decline year on year in 2023, official data shows. Oil production fell to just below 44,000 barrels last year, from just below 95,000 barrels in 2022, the Jordan Times reported, quoting from the Ministry of Energy and Mineral Resources’ annual report. However, natural gas production rose 14 percent, reaching just over 6 billion cubic feet (bcf) in 2023, up from 5.4 bcf in 2022. NewsletterGet the Best of AGBI delivered straight to your inbox every week Last year, the country consumed 497,000 tonnes of liquefied petroleum gas (LPG), 1,320 tonnes of gasoline and 265 tonnes of jet fuel. However, Jordan imported 1.8 million tonnes of crude oil, 474,000 tonnes of LPG and 41,000 tonnes of jet fuel to meet its energy demand. Second phase of Jordan-Iraq power link to be ready in 2025 Jordan selects preferred bidder for $3bn water project Jordan’s economy grows 2% despite regional challenges Electricity consumption was primarily driven by residential and public buildings, which accounted for 46 percent of the total, followed by the industrial sector at 22 percent and commercial buildings and hotels at 17 percent, the report said.
Construction Abu Dhabi buys stake in US power company for $500m A subsidiary of Abu Dhabi Investment Authority (Adia) will acquire a minority stake in Alpha Generation (AlphaGen), a US-based power infrastructure company, by investing $500 million, amid a surge in power demand. The investment is subject to regulatory approvals and is expected to close in the first half of 2025. AlphaGen, is owned by affiliates […] 3 hours ago
Banking & Finance Qatar National Bank reports strong profit growth Qatar National Bank, the Middle East and Africa’s largest lender by assets, reported a 11 percent rise in fourth-quarter profit on Monday as net interest and fee income increased. QNB, which is 50 percent owned by Qatar’s government, dominates the country’s banking sector and has sizeable operations in Egypt and Turkey. It made a fourth-quarter […] 8 hours ago
Business of Sport Qatar Airways signs $97m deal to sponsor new rugby tournament Qatar Airways has agreed a $97 million deal to sponsor the new World Rugby Nations Championship. The eight-year deal will cover the qualifying matches and finals for the first four editions of the rugby union tournament from 2026 to 2034. The agreement is the biggest title sponsorship in international rugby, according to The Guardian. The […] 12 hours ago
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 13 hours ago