JPRC reports 57.7% increase in Q3 net profits, reaching JD16.5 million

AMMAN — The net profits of the Jordan Petroleum Refinery Company (JPRC) in the third quarter of 2023 reached JD16.5 million, up by 57.7 per cent compared with JD10.43 million in the same period of 2022.

JPRC said that the net sales of the company from refining activities, lubricants factory, Jordan Petroleum Products Marketing Company (JoPetrol), Jordan National Lube Oil Company, the Jordan liquefied petroleum gas company stood at approximately JD1.24 billion in the first nine months of 2023, compared with JD1.26 billion during the same period of 2022.

The company announced "significant" progress in its fourth expansion project, as part of its future plan to strengthen its presence in the energy market, the Jordan News Agency, Petra, reported.

Regarding the expansion project, JPRC CEO Abdulkarim Alawin said that the company is currently working with a consortium of Italian, Chinese and Japanese companies of Sinopec, Tecnimont, and Itochu, to identify necessary steps to fund the scheme.

Alawin added that two consortium members, the Italian and Chinese companies, had started filling funding application forms for the project, stressing that the company's financial adviser has nearly completed the necessary information for the funding form.

JPRC in March announced that the total amount paid for studies, technical, financial, legal and environmental consultations, as well as basic and detailed designs related to the fourth expansion project, amounted to approximately JD47.537 million as of the end of December 2022.

The refinery expansion project cost is expected to exceed $2.6 billion, and will be funded through export credit agencies in different countries, in addition to the participation of new and existing shareholders.