Financial Times FT.com

Jordan seeks oil riches from shale deposits

By Ferry Biedermann

Published: July 6 2009 18:04 | Last updated: July 6 2009 18:04

Oil wealth can be a mixed blessing. Too much black gold tends to crowd out other sectors of the economy by boosting exchange rates and the “unearned” income it provides can encourage dependency among some sectors of society.

For Jordan, such arguments are the stuff of dreams. The country “imports every drop of oil”, in the words of Ala Nuseibeh, chief executive of Kan International Petroleum Services, an Amman-based company.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this