عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Jordan to Increase Gas Imports from Egypt

A plant's gas tanks are seen at the desert road of Suez city north of Cairo, Egypt. (Reuters file photo)
A plant's gas tanks are seen at the desert road of Suez city north of Cairo, Egypt. (Reuters file photo)
TT
TT

Jordan to Increase Gas Imports from Egypt

A plant's gas tanks are seen at the desert road of Suez city north of Cairo, Egypt. (Reuters file photo)
A plant's gas tanks are seen at the desert road of Suez city north of Cairo, Egypt. (Reuters file photo)

Jordan announced on Tuesday that it was seeking to increase its natural gas imports from Egypt to cover a third of its demands.

Hala Zawati, Jordanian minister of energy and mineral resources, estimated Jordan’s gas demands in 2019 at around 350 million cubic feet per day.

“Jordan started receiving natural gas from Egypt since September. It’s on (an) experimental basis for the pipeline but we hope in the beginning of 2019 to increase these amounts,” she told reporters.

Jordan began importing natural gas from Egypt two months ago but increasing imports significantly would depend on construction of a pipeline between Jordan and Iraq which has yet to be built.

“We have not yet agreed with Egypt. Now there are negotiations on how much will be pumped but we hope at least one third of the country’s requirements will be taken from Egypt,” she added, without giving a timeframe for reaching that goal.

Asked about the pipeline which will eventually connect the southern city of Basra in Iraq with Jordan’s Red Sea port of Aqaba, Zawati said: “We’ve had discussions with Iraq that started years ago. It was approved by the Jordanian cabinet, and now we are waiting for the Iraqi side to start working on the pipeline.”

“It’s still there as an idea but has not (yet) materialized... the political situation did not allow for that pipeline to materialize.”

Most Viewed

 
 
Business

Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
TT
TT

Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.