Jordan Petroleum Refinery Company (JPRC)Jordan Petroleum Refinery Company (JPRC)

JPRCJPRC

"As of July 31, the company's net profits also increased by 151 per cent, amounting to JD8.8 million compared to JD7.6 million during the same period last year," Refai said, adding that JPRCJPRC budget statements indicate that the company's net asset value increased by 123 per cent from 2007, reaching JD1.163 billion.

JPRCJPRC shareholder equity rights also increased by 14 per cent, totalling JD8.7million, according to Rifai.

In regards to future projects, Rifai said the JPRCJPRC is now focusing on enhancing the company's financial status.

"The company is now in the process of increasing its capital by attracting a strategic partner to implement JPRCJPRC's fourth expansion project, which aims to raise the company's refining capabilities and enhance the quality of its products to meet European standards," he said, pointing out that the company, in cooperation with the government, is currently reviewing two offers in this regard.

Rifai pointed out that a partnership with an investor will help the company secure funds needed to implement the $1.7 billion-expansion project in addition to another $300 million needed to construct the Aqaba-Zarqa oil pipeline.

"The strategic partner should cover 25-35 per cent of the project costs while the remaining amount will be secured through bank loans," the JPRCJPRC CEO said, pointing out that in order to get approvals on the bank loans, the company is required to provide the lenders guarantees of its ability to pay back the loans.

By Hani Hazaimeh

© Jordan Times 2008

 

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