Eesti Energia may shortly announce a deal with investors that will allow it to build an oil shale plant and mine in Jordan, said a daily.
CEO Sandor Liive and the company's spokesperson would not give official comment, but chairman of the supervisory board Jüri Käo told Postimees that new developments will be discussed on Thursday at the board's meeting.
Käo said a construction and engineering tender is currently in its final phases and a preliminary agreement with investors is being signed.
Eesti Energia's own investment in Jordan will amount to 30 million euros, which it has said it hopes to recoup through a profitable venture.
The company's fluidized bed combustion system is billed as one of the most efficient ways of utilising the organic matter in oil shale. Jordan has one of the world's largest deposits, albeit of a different variety than the kind found in Estonia.