Norwegian giant Norsk Hydro has pulled out of a joint venture deal with Jordanian firms in order to pursue oil and gas projects elsewhere, the Jordan Times reported Monday quoting the Prime Minister Ali Abul Ragheb.
Abul Ragheb, who was speaking to Lower House of Parliament members during their regular session, said Norsk Hydro's decision was not made due to “political” reasons in the region, the paper added.
The premier was quoted by the daily as saying that the initial agreement between the Norwegian firm and the Jordan Phosphate Mines and the Arab Potash Companies had an exit clause granting the board of directors of each firm the right to get out of the agreement.
“The Norwegian firm has decided to switch its investment to other projects because it feels that such a decision will earn it more profits,” Abul Ragheb said -- Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)
