Eesti Energia's subsidiary signed a memorandum of understanding with the Government of Jordan

05.11.2006
Today, 5th of November, the capital of Jordan, Amman, Oil Shale Energy of Jordan and the Government of the Kingdom of Jordan signed a memorandum of understanding by which Eesti Energia received an exclusive right to explore 1/3 (300 mln tonns) of Jordan's El Lajun's oil shale reserves.

"The signed memorandum enables our subsidiary to explore Jordan's
unused oil shale reserves and invest in Jordan should the results of the research turn out to be positive" said Sandor Liive CEO for Eesti
Energia AS. "Eesti Energia's competence and experience in oil shale
usage is recognazed in the world and we are proud to be able to use the knowledge for the benefit of our country" added Liive.

Besides, Eesti Energia AS and Jordan company Near East Group signed the share purchase agreement of Oil Shale Energy of Jordan shares. Eesti Energia acquired 76% of shares. Transaction value is USD 250 000.

At the same time, Estonian Minister of Economic Affairs and
Communications Edgar Savisaar and Minister of energetics of Jordan Azmi Al-Khreisat signed a inter-governmental memorandum of understanding, by which countries decleare their mutual interest in developing energy sector.

With help of the Oil Shale Energy of Jordan Eesti Energia plans to
carry out a feasibility study with the goals to biuld a shale oil factory.
The estimated duration of the studies is 1.5 years and after the studies are completed it is possible to say whether the investments into Jordan are beneficial to Eesti Energia.

Eesti Energia is one of the few companies in the world which has a
long-lasting experience in oil shale mining, handling and electricity
and shale oil production using oil shale.

Additional information:
Iveri Marukashvili