Jordan Petroleum Refinery Co. announced its financial results for the first quarter of 2024, demonstrating stable profits with earnings amounting to 28.2 million dinars compared to the same period last year.

In the financial details, the company indicated that its receivables from government bodies totaled 538 million dinars by the end of March 2024. The company also recorded strong sales in the oil derivatives and liquefied gas sectors, achieving sales to the Jordan Petroleum Products Marketing Company of approximately 216 million dinars, and to the Jordanian Liquefied Gas Manufacturing and Filling Company, 12.5 million dinars during the same period.

As it continues to grow and expand, the Jordan Petroleum Refinery remains committed to sustainability and innovation, striving to maintain its leading position in the energy industry in Jordan and the region.

CEO, Engineer Abdul Karim Al-Alaween, stated that these results and developments reflect the company's commitment to innovation and efficiency, confirming its vital role in supporting the national economy and enhancing the Kingdom's energy independence. He added that the company continues to maintain positive financial results, reflecting the success of its strategy to maintain financial stability in a changing commercial environment, and highlighted the company's aspirations to bolster growth through the Fourth Expansion Project.

Regarding the developments of the expansion project, Al-Alaween explained that following the withdrawal of the Italian company from the consortium, the ongoing collaboration of the Chinese (Sinopec GPEC) and Japanese (Itochu) companies led to a meeting on March 20, 2024, with advisors and management to develop a plan to complete the technical and financial aspects of the project. He added that they expect to finalize the financing details in June 2024.

As preparations for the next phases of the project proceed, Al-Alaween looks forward to the Fourth Expansion Project contributing to an increase in the company’s production capacities and improving its services in the domestic market. In terms of safety and efficiency improvements, Al-Alaween also reported that the company has begun installing surveillance cameras at the transport and maintenance gates, in addition to a mobile tanker as a trial, following the necessary approvals from the Ministry of Interior and Public Security, aiming to enhance safety standards and evaluate the company’s transport performance.