In a recent press release, the Jordan Petroleum Refinery Company announced a profit of 82.6 million Jordanian Dinars (116.4 million USD) for the fiscal year 2023, with net operating revenues reaching 175 million Jordanian Dinars by the end of the preceding year. Shareholders’ rights in comprehensive income were revealed to be around 81 million Jordanian Dinars.
Engineer Abdul Kareem Al-Alaween, CEO of the Jordan Petroleum Refinery Company, underscored the remarkable financial results of 2023, highlighting the indispensable role of the team’s diligent efforts and commitment to the highest standards of efficiency and innovation in the sector.
Al-Alaween emphasized that the company’s strategy, centering on modernization and expansion, significantly bolstered its position. He noted that 2023 marked a year of development and sustainable growth, expressing optimism for continued success in the forthcoming years.
As part of its future initiatives, the Jordanian Oil Refinery Company aims to broaden its export footprint, encompassing Sudan and Yemen, along with an expansion into Chad, spanning all regions of Chad and adjacent areas like Cameroon. The company also intends to persist in exporting to Palestine and Iraq.
The concept of establishing the Jordanian Petroleum Refinery traces back over half a century when it was endorsed by the Ministry of National Economy. There was consensus on the pivotal role of the refining industry as a primary energy source for most economic activities and a contributor to augmenting the kingdom’s revenues.
Despite being the solitary refinery in Jordan, it successfully caters to the local market’s diverse petroleum product needs. Its establishment curtailed complete dependence on costly petroleum derivative imports, resulting in substantial savings of hard currency for the Jordanian economy. This move generated employment opportunities for thousands, facilitated the emergence of new industries, and buttressed vital economic sectors, including electricity, transportation, industry, and construction.
Furthermore, the refinery functions as a fount of expertise and skilled professionals across various specialized fields. The company has imparted these competencies to several refineries in Arab countries. The establishment of the company unfolded through several foundational stages.
