AMMAN - The Senate's Energy and Mineral Resources Committee, headed by Saleh Irsheidat, was on Thursday briefed on Jordan Petroleum Refinery Company (JPRC)'s progress in its fourth expansion project, which aims to raise the refinery’s production capacity from 60 thousand barrels per day to 120k and improve the quality of oil derivatives.
اضافة اعلان
During a tour to check on progress, Irsheidat said the JPRC's expansion project would contribute to the "comprehensive" societal and economic development in Jordan and enhance security of energy supply, which is an "essential" element in the energy strategy.
The project would also create local jobs and increase engagement of local suppliers and service providers, he said, adding that JPRC constitutes an "important" pillar within the security of energy supply in the Kingdom.
Irsheidat noted modernization serves the national interest, noting accelerated implementation of the fourth expansion project would provide and improve national economic security by reducing Jordan's dependence on imported refined oil products.
For his part, JPRC CEO, Abdul Karim Alaween, said the fourth expansion project, with a total cost of about $2.64 billion, aims to meet the "growing" needs of the local market for oil derivatives and standardize the produced oil derivatives, and stop production of high-sulfur fuel oil.
Regarding the company's shareholders, Alaween said citizens have the "largest" stake at 64%, then Social Security Corporation (SSC) at 20 percent, while the government's contribution rate is less than 2 percent, indicating that the number of shareholders stands at 35,000.
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