Chinese ECA supports shale oil fired Jordanian power plant

(Stockhouse Publishing, Vancouver, 6 May 2016) China's Yudean Group joins Attarat Power Company as a strategic investor in the Attarat Power Company (APCO) a subsidiary of Eesti Energia of Estonia, the world's biggest oil shale to energy company. Yudean has agreed to purchase 45% of the shares and Malaysia's YTL a further 15% of the shares, with Eesti Energia stepping down to 10% and Jordan's Near East Investments exiting the project. Following the completion of the share transfers (which is subject to a number of conditions), APCO will be indirectly owned by Eesti Energia AS of Estonia (10%), YTL Power International Bhd of Malaysia (45%) and Yudean Group of China (45%). Earlier this year APCO signed agreements with Bank of China (BoC) and Industrial and Commercial Bank of China (ICBC) to provide debt funding for the project.  The USD 1.6 billion debt financing is expected to be provided on the basis of support by China Export & Credit Insurance Corporation (Sinosure).