Ernst and Young to advise Jordan’s refinery company on expansion project

AMMAN — The Jordan Petroleum Refinery Company (JPRC) on Monday selected Ernst and Young Company (EY) as its financial adviser to present the best alternatives and options for the fourth expansion project. EY will also present a financial model to finance the project of increasing JPRC’s production and improving its quality within the grace period given to JPRC from the government which ends in May 2019. EY competed with two other companies and won the financial adviser tender after the technical and financial terms were met. JPRC Chief Executive Officer Abdel Karim Alawin said the expansion project is important to the Kingdom in general, and particularly to JPRC, to cover the local needs of oil products and changing the production units of the refinery entirely. Alawin added the expansion project to cover the Kingdom’s oil needs by 2025 could cost around $2 billion, noting that it may decrease to $900-$1,000 million should the project be limited to enhancing the products and improving quality.