Jordan Petroleum Refinery Company's profits grow 57.7% for the third quarter of 2023 to reach 16.5 million dinars

As part of its commitment to transparency in accordance with financial disclosure standards, the Jordan Petroleum Refinery Company announced a 57.7 percent increase in its profits for the third quarter of the current year, reaching 16.5 million dinars, compared to 10.43 million dinars for the third quarter of 2022.

According to the press release, the company's total profits for the first nine months of the current year amounted to about 55 million dinars.

The company's net sales from refining activities, the oil plant, the sales of the Jordanian Petroleum Products Marketing Company, the sales of the Jordanian Mineral Oils Manufacturing Company, and the sales of the Jordanian Company for Manufacturing and Filling Liquefied Gas amounted to about 1.24 billion dinars for the first nine months of 2023, compared with 1.26 billion dinars for the same period in 2022.
Furthermore, the company disclosed the amount of receivables due from government institutions and departments, which stood at about 436 million dinars at the end of September 2023, and the company believes that it has the ability to collect these receivables without the need to allocate any additional provisions.
On the other hand, the company announced significant progress in the fourth expansion project, as part of its future plan to enhance its presence in the energy market.
In a statement by the company's CEO, Engineer Abdul Karim Al-Alaween, he noted that the company, in coordination with the project's consultants, is currently working with a consortium of Italian, Chinese, and Japanese companies - Tecnimont, Sinopec (GPEC), and Itochu - to determine the necessary steps to secure project financing.

Al-Alaween clarified that the consortium members, the Italian and Chinese companies, have started filling out the financing application forms for the project, and he confirmed that the company's financial advisor is close to completing the information required for the financing model and it is expected that a draft of the model will be presented to the Italian and Chinese financing agencies in November 2023.
On another note, the CEO highlighted that the Japanese finance agency NEXI has already obtained approval from the Japanese Ministry of Economy, Trade, and Industry to finance the project, while the Japanese financing agency JBIC is awaiting the approval of the Japanese Ministry of Finance.
Al-Alaween also explained that the company has already started soliciting proposals from "Due Diligence" consultants in technical, environmental, and market fields, while the company is in discussions with local and international investors to ensure the coverage of the required portion of the financing.

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