38.3 million dinars oil refinery profits after tax in 9 months :: Nabataeans

Nabataeans –

During the first nine months of this year, the Jordan Petroleum Refinery Company achieved profits, which amounted to about 38.3 million dinars, compared to a net loss of 31.7 million dinars for the same period last year. Due to the repercussions of the Corona pandemic and the complete closure measures that the Kingdom has witnessed.

The profits were distributed, according to the company’s financial data for the end of last September, as follows: 17 million dinars for the refining and filling gas cylinders activity, 5.5 million dinars for the oil factory activity, and about 15.7 million dinars for the activity of the Jordan Petroleum Products Marketing Company, which is the company wholly owned by the Petroleum Refinery Company. Jordanian.

The company said, in a press statement today, Monday, that the total assets of the refining activity, filling gas cylinders, the oils factory and the Petroleum Products Marketing Company, reached about 1.1 billion dinars by the end of last September.

She stressed that the positive financial results at the end of the third quarter of this year show the company’s ability to compensate for its losses achieved last year, although sales of some materials are still affected by the Corona virus pandemic in terms of quantity and value.

On the fourth refinery expansion project, she revealed that inquiries from contractors interested in implementing and financing the expansion project are currently being answered in preparation for the preparation of their offers expected to be received within the next two days, especially since the date for receiving offers has been extended 3 consecutive times, at the request of the contractors.

The company added that the competition is limited to the contractors who were qualified by (Technip) – Britain branch, which is the project management contractor, after 50 experts from the (EPCF) contractors conducted field visits to inspect the project site and the existing refinery, pointing out that it responded to inquiries 83 experts from contractors and consultants.

The company announced the completion of the preparation of the documents required by the investors, as the financial advisor Standard Chartered Bank began contacting major shareholders and investors wishing to finance the project, noting that it had received letters of interest in financing from investors, where the verification studies phase will be launched.

In parallel, the Petroleum Products Marketing Company continues its development and expansion path by opening and managing new stations, in addition to developing customer systems, activating smart cards, electronic payment service, and recharging the balance through the e-Fawateercom system.

In addition, the Petroleum Refinery Company is currently working on improving the infrastructure of the oil plant, completing the modernization of production lines, rehabilitating some lines, purchasing new lines, improving the storage capacity of ready-made oils, and modernizing a set of tank pumps.

In addition, work is currently underway to continue modernizing the mineral oil laboratory by purchasing new and modern testing devices in order to raise the level of reliability and qualify it to examine used mineral oils to raise the level of after-sales service, noting that the mineral oils laboratory has an international accreditation through the Standards and Metrology Organization.

As for the export, the company announced that within the factory’s plan to expand exports to include Sudan and Yemen, in addition to its neighboring countries such as Libya and Cameroon, along with continuing to export to Lebanon, Liberia, Palestine and Georgia.

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