Jordan’s planned $2.1bn oil shale-to-power plans are moving forward after the project this week reached financial close.

The key finance, some $1.6bn, comes from Chinese state lenders Bank of China and Industrial Bank of China, underwritten by China Export and Credit Insurance Corporation (Sinosure). As part of the deal Chinese coal power plant operator Yudean takes 45% of the equity in the Attarat Power Company (Apco) JV which will develop a power plant and oil shale mine in the Attarat umm Ghudrun region 110km southeast of Amman. (CONTINUED - 594 WORDS)