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Water minister El-Naser resigns in Jordan reshuffle

Jordan’s long-standing water minister Hazim El-Naser has resigned as part of a reshuffle by prime minister Hani Al-Mulki, who is looking to head off growing anger over rising costs and taxes in the country.

El-Naser, who had been a key mover behind progress on the huge cross-border Red Sea-Dead Sea water desalination and transfer project, was one of seven...

FTC to reject Wilhelmsen’s $400m marine merger

Wilhelmsen Maritime’s pending acquisition of its largest rival Drew Marine hit a snag this week after the US Federal Trade Commission (FTC) moved to block the deal on the grounds that it would reduce competition in the global market for marine water treatment chemicals.

The FTC argues that the $400 million merger would result in the combined entity commanding a...

Energy Recovery shares slump as CEO exits

Shares in Nasdaq-listed Energy Recovery, Inc. (ERI) fell nearly 10% on Tuesday following the surprise resignation of CEO Joel Gay.

The announcement comes less than three months after ERI revealed further delays in the milestone testing of its VorTeq hydraulic fracturing pressure exchanger. The company agreed a $125 million exclusive licensing deal for the product with...

Agbar ‘inflated’ asset value of Barcelona operator

A new audit commissioned by the Barcelona metropolitan area (AMB) has cut from €476 million to €130 million the value of assets contributed by Agbar to the mixed ownership company awarded a 35-year concession for the area’s integral water cycle in 2012.

€230 million of the assets credited to Agbar had already been amortised, while €116 million...

Sound Global releases 2015 annual report – at last

Following a two-year delay, Hong Kong-listed Chinese private project developer Sound Global finally released its 2015 annual report this week, showing a net profit of RMB459 million ($72.3 million; down 8.8%) on annual revenues of RMB4.085 billion ($644 million; up 11.2%).

The company has been suspended from trading since April 2016, when the Hong Kong regulator...

Ancala Partners sets sail with Portsmouth Water deal

Ancala Partners has agreed terms to acquire Portsmouth Water, little more than a year after it lost out to Severn Trent in a battle for the smaller Dee Valley company.

The infrastructure investment manager did not disclose financial details of the transaction, but the price seems likely to have been well over £150 million.

That figure would represent a premium of...