Jordan is planning to borrow to fund the fourth expansion of its sole oil refinery to boost its production capacity to 120,000 barrels per day (bpd), a company official said.

The state-owned Jordan Petroleum Refinery Company (JPRC), based in the Eastern Zarqa city, intends to the fund the project through loans and contributions from its shareholders, its CEO Abdul Karim Al-Alawin said.

“We have asked our consultants to prepare the necessary documents to apply for loans from foreign export credit agencies,” he told Jordan’s daily Al-Ghad on Sunday.

The refinery was built in mid-1950s and completed its first expansion in 1973.

Alawin did not mention the refinery’s present capacity or the loan sought by JPRC but according to Alghad, production stood at 5 million tonnes (105,000 bpd) in 2023.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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