Al-Batayneh: The Refinery and its Subsidiaries Managed to Achieve Exceptional Profits in 2023, Amounting to 106 Million Dinars Before Taxes

Al-Batayneh Emphasizes the Company's Effort to Implement the Fourth Expansion Project, Which Will Enhance Production Capacity and Improve Product Quality

Al-Batayneh: The Expansion Project is One of the Largest Investments in the Kingdom and Aims to Support Jordan's Vision Towards Sustainability

Al-Alawin: The Refinery Took Important Steps Towards Expanding Its Operations in the Liquefied Gas Sector

Al-Alawin: The Refinery is Working on Establishing New Storage Capacities for Liquefied Gas in Zarqa and Aqaba to Increase the Kingdom's Stockpiles of This Material, Reduce Costs, and Increase Revenue

Al-Alawin: Emphasizes the Importance of the Company Acquiring the Government's Stake in Aqaba and Airport Assets

The Jordan Petroleum Refinery Company Limited held its 68th Ordinary General Assembly Meeting today, Sunday, via visual and electronic communication means, with the legal quorum completed and the presence of a representative from the Companies Controller.

The company announced that its total assets for 2023 reached about 1.438 billion dinars, indicating that it had made several settlements with the government and collected debts from the National Electric Power Company under a financial settlement. Additionally, it repaid part of the government's debts through withdrawing 105 million dinars from banks, with the government committing to repay this amount and the accrued interest. The company's total liabilities for 2023 decreased by 9% compared to the previous year, reaching about 1.070 billion dinars, thanks to collecting part of the government and National Electric Power Company's debts, as well as conducting settlements with the government and paying the dues of oil derivatives suppliers on time. The shareholders' equity of the company for 2023 recorded a 9% increase to reach about 360 million dinars, boosted by the profits achieved by the company during the year. Meanwhile, the company's net sales value reached about 1.659 billion dinars, contributing about 545 million dinars in taxes and fees to the state treasury. The company's industrial, operational, sales, distribution, and administrative expenses decreased by 5% from the previous year, amounting to about 124.5 million dinars, due to the policies adopted by the company to minimize costs as much as possible. At the beginning of the meeting, Alaa Al-Batayneh, Chairman of the Board of Directors of the Jordan Petroleum Refinery Company, highlighted the company's continued achievement of distinctive successes, thereby supporting the economic and social growth of the Kingdom. He stated that the company was established with the primary goal of providing energy security in Jordan, and since its inception, it has been keen on benefiting all stakeholders through diversifying and developing its various activities and enhancing its financial position. According to Al-Batayneh, the company faced challenges, including fluctuations in crude oil, oil derivatives, and liquefied gas prices, in addition to the negative impacts on the economy resulting from the Israeli aggression on the Gaza Strip. Despite these challenges, he confirmed that the company and its subsidiaries managed to achieve remarkable profits in 2023, amounting to about 106 million dinars before taxes and 83 million dinars after taxes. Al-Batayneh emphasized that these results are the fruits of the company's efforts to achieve its vision and goals, as it commits to meeting the Kingdom's needs for ready oil derivatives, liquefied gas, and mineral oils safely and sustainably. He mentioned that the successes achieved in recent years are evidence of the success of the strategic plans to develop its activities and improve performance efficiency. In the same context, Al-Batayneh confirmed the company's continued effort to implement the Fourth Expansion Project, which aims to enhance production capacity, improve product quality, and includes the use of advanced technologies and technology in the refinery sector, contributing to minimizing environmental impacts and maximizing profitability by converting low-value heavy materials into high-value light products. He said this project is one of the largest investments in the Kingdom, aiming to support Jordan's vision towards sustainability by creating job opportunities, raising living standards, and accelerating economic growth. Additionally, Al-Batayneh shared the latest developments related to the project, explaining that the company, in coordination with the project's consultants, completed procedures to provide the consortium, which includes companies from Italy, China, and Japan, with the necessary information for funding requests. The project faced a challenge when one of the consortium members demanded a significant increase in the bid price, and despite several rounds of negotiations, this company insisted on raising the price, resulting in its exit from the consortium, while the

 other two companies expressed their willingness to proceed with the project. In conclusion, Al-Batayneh mentioned that a meeting was held in March 2024 with the remaining two companies in the consortium to agree on all technical and financial aspects to ensure the project's continuity. He also noted that the Japanese Financing Agency obtained approval to finance the project, while funding from the Japan Bank for International Cooperation is still under study. In his turn, Abdul Karim Al-Alawin, CEO of the Jordan Petroleum Refinery Company, stated that the company took significant steps towards expanding its operations in the liquefied gas sector, with the activation of the Jordanian Company for Manufacturing and Filling Liquefied Gas on January 1, 2023. He added that this expansion includes transferring all liquefied gas activities, except for gas production, to the new company, including integrating the three liquefied gas stations in Amman, Irbid, and Zarqa, and a workshop for repairing and rehabilitating gas cylinders. He mentioned that the company started projects to improve energy efficiency through installing solar energy systems at gas stations, in addition to establishing new storage capacities for liquefied gas in Zarqa and Aqaba to increase the Kingdom's stockpiles of this material and to reduce costs and increase revenue. Al-Alawin highlighted these steps as part of the ongoing efforts to enhance the efficiency and sustainability of the company's operations, focusing on reducing costs and generating additional revenue through third-party storage activity. He also touched on the renewal of the Jordan Petroleum Marketing Company's license for an additional ten years and obtaining international quality certificates, in addition to updates in the Jordanian Company for Manufacturing Mineral Oils to increase production and improve efficiency. Al-Alawin concluded by emphasizing the importance of the company acquiring the government's stake in Aqaba and airport assets, representing a significant step towards developing activities and increasing storage capacities.