Sights on Jordan oil blocks
GARIMA SINGH

New Delhi, July 7: The Videocon group, which is on a global expansion spree, is close to buying four oil blocks in Jordan next week.

â??We have had preliminary discussions with Abdullah II, the king of Jordan. We were accompanied by the Indian ambassador to Jordan during our recent trip. The deal is likely to be signed in a week,â? said V.N. Dhoot, chairman and managing director of the Videocon group.

Dhoot had travelled to Jordan earlier this week. â??Videocon plans to make an initial investment of $75 million in these four oil fields. However, we expect to earn Rs 5,000 crore from this deal in the first tranche itself,â? he said. [more]

Ever since I got to Jordan I’ve been going over in my head the possible reasons for the latest massive investments from foreign nations, especially from the gulf region and especially after the King pays them a visit. I came to the conclusion back in May that there must be new oil fields discovered in Jordan and it’s on the verge of becoming a producer. I shrugged this theory off but kept optimistic.

But hey…some dreams can come true.

This also helps justify the recent rise in oil prices in Jordan with the government trying to mend the deficit. Something’s up and no one’s a’talkin’