Saudi Arabia ‘has deposited $334m in Jordan’s central bank’

A general view of the Central Bank of Jordan in downtown Amman October 12, 2011. (Reuters)
Updated 03 March 2019
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Saudi Arabia ‘has deposited $334m in Jordan’s central bank’

  • Saudi Arabia alongside Kuwait and the UAE put together a $2.5 billion package in June to help shore up Jordan's struggling economy

DUBAI: Saudi Arabia has deposited $334 million in Jordan's central bank and is working with Kuwait and the UAE for more financial support, Finance Minister Mohammed Al-Jadaan was quoted by broadcaster Al Arabiya as saying.

Saudi Arabia alongside Kuwait and the UAE put together a $2.5 billion package in June to help shore up Jordan's struggling economy.

Jordan's government fell last year after spending cuts and tax rises imposed under an IMF program caused rare public protests. The country, which sits between Israel, Syria, Iraq and Saudi Arabia, is traditionally a regional diplomatic hub.


BP and SOCAR sign new Azeri oil deal

Updated 19 April 2019
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BP and SOCAR sign new Azeri oil deal

  • The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day
  • BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017

BAKU: Oil major BP and Azerbaijan’s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation’s three major oilfields, BP-Azerbaijan said in a statement.
The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day and cost $6 billion to build, the company said.
The project is one of the biggest upstream investment decisions to have been signed in Azerbaijan so far this year.
The ACG fields, which to date have produced around 3.5 billion barrels of oil, are estimated to have the potential to yield another 3 billion barrels.
BP’s main aim now would be to maximize the extraction of remaining reserves, Robert Morris, senior analyst at Wood Mackenzie, said in a statement.
“ACE is central to those plans, adding 100,000 barrels per day of production at peak in the mid-2020s,” he said.
BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017.
Separately, SOCAR and its partners at the BP-led ACG consortium plan to participate in a tender to acquire stakes being sold by two of its members, ExxonMobil and Chevron.
SOCAR President Rovnag Abdullayev made the announcement to reporters following a meeting of senior SOCAR figures on Friday.