The total volume of Arab and foreign investments attracted by Jordan in the field of energy stands at about $5 billion, Prime Minister Hani Mulki said on Sunday, as he stressed the government’s support for investments in the field.

The projects have either been completed or are still under construction, Mulki said at the opening of the 3rd Jordan International Energy Summit, which attracted more than 500 experts, businesspeople and officials from more than 40 countries.

“These investments come in light of the government’s support to the sector and its keenness to boost its competitiveness in line with high standards and in a transparent manner,” the premier said at the summit, which was also attended by HRH Princess Sumaya, president of the Royal Scientific Society.

Jordan has accumulated a “great” experience over the years in the sector and has embarked on key projects in the field of energy, including the extraction of minerals and infrastructure projects, Mulki said.

Referring to the national energy strategy, he said it is a “clear blueprint” that guides the sector and that it seeks to boost reliance on local energy resources through projects in fields of renewable energy, oil shale and nuclear energy for power generation.

Mulki added that Jordan has intensified its efforts in the fields of oil and gas exploration and in regional electricity projects.

Underling the key role the energy sector plays in driving economic growth, Mulki said the sector contributes greatly to sustainable development in the country.

He added that the government was working from a clear plan to achieve the required goals.

With heavy emphasis on the potential of renewable energy, solar and wind energy projects with a total capacity of 1,500 megawatts and worth $2 billion are either under construction or operational, Minister of Energy Ibrahim Saif said in his address at the event.

Renewable energy’s contribution to the overall energy mix will reach 20 percent by 2020, the minister said.

He also referred to mega projects implemented in the fields of oil shale and nuclear reactors.

According to the minister, the country’s energy bill was reduced by JD2.5 billion ($3.5 billion), representing 11 percent of the gross domestic product (GDP), at the end of 2016, compared to JD5 billion ($7 billion) three years earlier when it accounted for 20 percent of the GDP.

“Jordan is working on diversifying its energy resources and has signed several agreements in this regard,” Saif said.

In his address, the minister also highlighted investment opportunities in the country in various fields of energy.

Participants during the event discussed several energy-related issues with a focus on regional cooperation, the potential of renewable energy and the diversification of energy sources.

By Mohammad Ghazal (SOURCE: Albawaba)