Amman, April 27 (Petra) – The General Assembly of the Jordan Petroleum Refinery Company (JPRC) approved the company's financial statements and administrative report for the year ending 2024 during its 69th ordinary shareholders' meeting, held via videoconference.

According to a company statement, JPRC and its subsidiaries posted profits of approximately JD 95 million before tax and JD 73 million after tax in 2024. The company's total assets rose to approximately JD 1.8 billion, up from JD 1.438 billion in 2023, reflecting a 25 percent increase. This growth was primarily driven by an increase in current assets, linked to a rise in "Accounts and Other Debit Balances" due to higher debts owed by the Ministry of Finance and other government entities.

Liabilities totaled approximately JD 1.132 billion in 2024, compared to JD 1.070 billion in 2023, a 6 percent increase attributed to higher current liabilities, notably a rise in "Banks' Creditors" to finance government debt. Shareholders' equity grew by 84 percent, reaching approximately JD 661 million, largely due to the establishment of a fair value reserve for land and annual profits.

JPRC Chairman Abdulrahim Baqaei affirmed the company's commitment to implementing strategic plans aimed at achieving sustained growth and shareholder value, despite regional challenges. He outlined accomplishments in refining, transportation, storage, distribution, export, marketing, quality improvement, risk management, and expansion.

Baqaei provided an update on the fourth expansion initiative, the "Refinery Modernization Project," describing it as critical to ensuring the company's long-term sustainability. Negotiations with Sinopec and ITOCHU were suspended due to licensing issues with U.S. firm KBR and increased financial pressures. However, the company decided to proceed independently, setting a new refining capacity target of 73,000 barrels per day.

To advance the project, JPRC signed a contract with UOP (U.S.) for technical licensing, services, and preliminary engineering designs, and with Technip for preparing tender documents and contractor qualification processes. These steps are expected to save approximately 20 months in project execution.

In parallel, Baqaei announced the continued expansion of Jordan Petroleum Products Marketing Company, with 25 new service stations launched and 15 stations modernized in 2024. The company also expanded its transportation fleet.

He noted the establishment of a renewable energy marketing company to install electric vehicle (EV) charging stations, with 42 chargers deployed across 14 locations. An additional 19 chargers are planned in eight new sites by 2025. Plans are also underway to expand into compressed natural gas (CNG) services.

Regarding JoPetrol Lube Oil, a JPRC subsidiary, CEO Hassan Hayari reported that modernization efforts continued, with upgrades to production lines, new product development, expanded international accreditation of its oil laboratory, and equipment updates. Hayari also outlined plans to enlarge the distribution fleet and boost exports to Palestine, Iraq, Lebanon, Chad, and potentially Syria.

The meeting concluded with shareholders' questions addressed and an overview of JPRC's plans and programs for 2025.

//Petra// AO

27/04/2025 15:56:09