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Jordan’s only oil refinery has awarded a project to increase its production to face growing domestic demand, its chief was quoted on Wednesday as saying.
The Jordan Petroleum Refinery Company, which is based in Zarqa east of the capital Amman, will launch the fourth expansion project in its 65-year history after it secures funding, the Company’s CEO Abdul Karim Al-Alawin said.
He told the Jordanian Arabic language daily Alghad that negotiations are underway with international credit agencies and other parties to secure funds for the project, which is expected to cost $2,64 billion.
“We have completed all necessary procedures to execute the fourth expansion project…we have issued tenders and have selected the winning bid,” he said.
Alawin did not identify the company awarded the contract but said it would be asked to start the project after all funds are secured.
“There is no definite date for this…we are still in the negotiations process for funding…we cannot decide when these negotiations are completed,” he said.
According to the paper, the refinery’s first expansion project took place in 1970, when capacity was boosted to 2,100 tonnes a day.
The second expansion plan was completed in 1973 and the third in 1982, when the refinery’s production increased to 8,700 tonnes a day.
The report showed the Company’s net profits nearly doubled to 105.8 million Jordanian dinars ($149 million) in 2022 from JOD 52.2 million ($73.6 million) in 2021.
(Writing by Nadim Kawach; Editing by Anoop Menon)
