Estonia’s state owned energy company, Eesti Energia has announced that it will sell a significant part of its stake in its subsidiary, Jordan Oil Shale Energy Co. 

Reports suggest that Eesti Energia is trying to free up funds to further develop Estonia’s own industry to increase its energy independence. It is not known as yet what proportion of the stake they will release. However, relations manager, Kaarel Kuuskhas said that the “shareholding will be minimal in the project, according to the contracts concluded with the Jordanian government in 2014”

Whilst Jordan does not any have any oil deposits, it has some of the world’s largest deposits of shale oil.

Eesti Energia is developing a 70 square km area in Attarat Um Ghudran, near the Jordan capital, Amman. Estonia is known to have one of the most efficient shale oil industries in the world and also operate two of the world’s largest shale oil fired power stations, that produce 85% of the country’s electricity.

The industry in Estonia employs 6,500 people, representing 4% of the country’s GDP. Only China’s shale oil industry is larger.