Kuwait and Jordan on 5 May signed two grant agreements totaling $215mn to help finance two energy projects. The loans are part of Kuwait’s pledge to put together a $5bn GCC development fund together with Qatar, Saudi Arabia and the UAE, with each of the four countries providing $1.25bn. The fund was set up in December 2011 in the wake of the Arab Spring and its resources are to be disbursed over a five-year period (MEES, 12 April).
The first agreement covers a $65mn grant to be used to help part-finance an LNG permanent terminal project at the Red Sea port of ‘Aqaba, which has already been tendered. The project covers the construction of the terminal (with a sustained capacity of 490mn cfd and a surge capacity of 710mn cfd) and several port facilities south of ‘Aqaba city. It also covers basic infrastructure facilities, marine equipment and installations, a floating storage and regasification unit, and servicing of LNG vessels. (CONTINUED - 507 WORDS)