JPRC’s profits at JD28.2mln in Q1 2024

Jordan Petroleum Refinery Company (JPRC) posted a profit of JD28.2 million during first quarter of the year 2024, compared to the same period last year, showing "revenue stability." In a statement Tuesday, the company indicated that its due amounts on government agencies and departments stood at JD538 million by end of March 2024. The company also recorded "good" sales in the petroleum derivatives and liquefied gas sectors, as its sales to Jordan Petroleum Products Marketing Company-JoPetrol amounted to about JD216 million and to Jordanian Company for Manufacturing and Bottling of Liquefied Gas stood at JD12.5 million during the same period. With continued growth and expansion, the JPRC said it remains "committed" to sustainability and innovation and seeks to maintain its position as a "leader" in the energy industry in Jordan and the region. JPRC CEO, Abdelkarim Alawin, said results and developments reflect the company's commitment to innovation and efficiency and affirm its "vital" role in supporting t he national economy and enhancing the Kingdom's energy independence. Alawin said the company continues to maintain "positive" financial results, which reflect success of its strategy in maintaining financial stability in a "changing" commercial environment, pointing to the company's aspiration to enhance its growth through the fourth expansion project. Regarding developments of JPRC's expansion project, he noted after the Italian company's withdrawal from the coalition and Chinese (GPEC) and Japanese companies (Itochu) are still engaged in the process, a meeting was held on March 20, 2024 with participation of advisors and management to develop a plan to complete the project's technical and financial aspects. According to Alawin, the final agreement on funding details is expected to emerge in June 2024, indicating that the 4th expansion project will contribute to increase the company's production capabilities and improve its services in the local market. On measures to improve safety and efficiency, Alawi n stated that the company began installing surveillance cameras at transportation and maintenance gates. He added that the company also launched a mobile tanker as an experiment after obtaining the necessary approvals from Ministry of Interior and Public Security Directorate, indicating that this step aims to enhance safety standards and assess the company's transportation performance. Source: Jordan News Agency