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.
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