Jordan's Arab Potash Company (APOT.AJ), one of the world's largest potash producers, is in talks with an Israeli firm to buy gas to power its plants and reduce production costs, the government said Monday.
Jordan's Arab Potash Company (APOT.AJ), one of the world's largest
potash producers, is in talks with an Israeli firm to buy gas to power its
plants and reduce production costs, the government said Monday.
"The APC is in contact with its Israeli counterpart through the American
oil and gas firm Noble Energy (NBL) to examine the possibility of importing
gas," the ministry of energy said in a statement.
"The gas available in the
Dead Sea
area
is a clean and inexpensive source of fuel and the company seeks to use it for
its factories on the
Dead Sea
. But no agreement has been
reached so far."
APC's main shareholders are the Jordanian government, which owns around 26%,
the Potash Corporation of
Canada
with
28% and the Saudi-based Arabian Mining Company with 20%.
The firm has said its 2012 net profits fell 34% to 198.8 million dinars ($280
million), mainly because of lower global demand and high fuel costs.
Egyptian gas covers 80% of electricity production demand in
Jordan
,
which imports 95% of its energy needs.
But the daily gas flow to the energy-poor kingdom has dropped from 250 million
cubic meters (8.8 billion cubic feet) to around 130 million cubic meters after
repeated pipeline attacks on
Egypt
's
pipelines.
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