JPRC expects fourth extension funding will be ensured by July

(Photo: JPRC)
AMMAN — CEO of Jordan Petroleum Refinery Company (JPRC) Abdel Karim Alawin expected that all participating parties will come to an agreement to fund the fourth expansion project by end of July.اضافة اعلان

Alawin told Al-Ghad News that the project funding includes two parts; the first involves new shareholders noting that JPRC is currently studying interest letters from several entities, while loans from banks or international institutions are being ensured by the executing contractors.

“Going forward with the expansion project will elevate the value of the refinery's assets including refining gas and filling gas cylinders, the oil factory, and JO Petrol by around JD1.1 billion,” Alawin said.

The objectives of the fourth expansion project with a total cost of approximately $2.64 billion include meeting the needs of the growing domestic market for oil derivatives, abiding by the environmental demands inside and around the refinery, as well as halting the production of the high-sulfur fuel oil. According to JPRC, the documents needed by investors have been completed.

JPRC had started the first expansion project in 1970, the second in 1973, and the third in 1982, while the fourth project aims to increase the refinery capacity up to 14,000 tons per day.

The government had previously given JPRC a deadline to finish the fourth expansion project, which expired in 2019, and had fixed JPRC’s profits from refining at JD15 million, tax deducted.

JPRC profit amounted to JD38.3 million in the first nine months of 2021, compared to a net loss of JD31.7 million in 2020 due to COVID-19.

Read more Business