A senior official at the Jordan Electric Power Company (JEPCO) has claimed that the natural gas import agreement signed with the Leviathan partners earlier this week will save the company $600 million annually. He told the "Jordan Times" that JEPCO was also in talks with Algeria to import natural gas and in the future hopes to buy Egyptian gas as the Kingdom sought to diversify energy sources as domestic electricity consumption rose 6-7% annually. RELATED ARTICLES Jordan signs $10b Leviathan gas deal The official said that the agreement with the Leviathan partners included a compensation mechanism in the event that gas supplies are not delivered on time. If the Leviathan partners do not adhere to the agreed timetable then the Jordanians would receive gas at a 25-30% discount. The official said, "Signing the deal is in line with the government's policy to diversify energy resources and increase the competitiveness of the major national industries. Diverse natural gas resources would not only influence these industries but also private customers that need greater stability in electricity supply." JEPCO has signed a ten year deal with the Leviathan partners to buy 45 billion cubic meters of natural gas from the offshore Israeli field for about $10 billion. Published by Globes [online], Israel business news - www.globes-online.com - on September 30, 2016 © Copyright of Globes Publisher Itonut (1983) Ltd. 2016
