JPRC pays JD47.5m for fourth expansion project studies

(File photo: Jordan News)
AMMAN — The Jordan Petroleum Refinery Company (JPRC) has announced that it has paid JD47.5 million for technical, financial, legal, environmental, basic, and detailed design studies related to the fourth expansion project as of the end of December 2022.اضافة اعلان

Al-Mamalaka TV reported that an estimated amount of JD6.3 million is expected to be paid during 2023, according to the company's annual report for 2022.

Negotiations continueThe company has completed its evaluation of technical and financial proposals submitted by partners who have applied to implement the fourth expansion project.

The consortium that has presented the best offer includes Italian, Chinese, and Japanese companies. The company is currently negotiating with this consortium.

JPRC also added that progress in the negotiation process is subject to exemptions from taxes and government fees requested by the consortium to sign the contract.

 According to the annual report, the company is still following up with government agencies to obtain the tax and government fee exemptions required by the consortium to enable the implementation of the project contract.

Refinery expansion project to exceed $2.6 billionThe refinery expansion project is considered one of the major projects in the refining and energy sector, and its construction cost is expected to exceed $2.6 billion.

It will be funded through export credit agencies in different countries, in addition to the participation of current and new shareholders.
The company is set to hold its ordinary General Assembly meeting on April 5 at 11 am, using remote broadcasting and visual and audio attendance technologies.

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