JPRC reports JD47.5m in spending on 4th expansion project

AMMAN — The Jordan Petroleum Refinery Company (JPRC) on Saturday 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.

In its 2022 annual report, cited by Al Mamlaka TV, the company revealed that an estimated JD 6.389 million is expected to be paid during 2023.

Regarding the latest updates on the fourth expansion project, the company said that it has completed the evaluation of the technical and financial proposals submitted by the consortia bidding for the project’s execution.

The JPRC is currently in the process of negotiating with the consortium that has submitted the best proposal, which is composed of Italian, Chinese and Japanese companies.

The company reiterated that the negotiation process is tied to exemptions from taxes and government fees requested by the consortium.

According to the annual report, the company is still discussing the consortium’s potential tax and government fee exemptions in order to finalise the project’s implementation contract.

The refinery expansion project is considered one of the most prominent ongoing projects in the refining and energy fields. Its construction cost is expected to exceed $2.6 billion, and it will be funded through export credit agencies in different countries, in addition to the participation of new and existing shareholders.

The JPRC will hold its 67th annual general assembly meeting on Wednesday, April 5, 2023 at 11:00 am. The meeting will be held via remote broadcasting and virtual attendance technologies.