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MarketScreener Homepage  >  Equities  >  AMMAN STOCK EXCHANGE  >  Jordan Petroleum Refinery Com PSC    JOPT   JO4204111010

JORDAN PETROLEUM REFINERY COM PSC

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Jordan Petroleum Refinery Com PSC : Fuel solid additives 'have no impact on human health, environment' -- minister

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12/07/2018 | 09:49am EST

Dec. 07--AMMAN -- Solid additives in fuel do not affect public health or the environment but have a mechanical impact on automobiles, Minister of Environment Ibrahim Shahahdeh said on Thursday.

The Environment Ministry is, however, part of the permanent committee on fuel and fuel derivatives at the Jordan Institute for Standards and Metrology, which on Thursday modified the Jordanian technical standards for fuel, Shahahdeh noted.

The committee decided on Thursday to ban the import or production of fuel containing iron and also banned any fuel additives that are not allowed as per the Jordanian technical standards on fuel.

In addition, the committee banned the import and production, by the Jordan Petroleum Refinery Company (JPRC), of fuel with magnesium concentration of over two parts per million (ppm).

A controversy and public debate was triggered after the Jordan Standards and Metrology Organisation (JSMO) announced on Tuesday the results of tests of imported gasoline, prompted in the first place by citizens' complaints of increased formulation of mineral residues on spark plugs in vehicles using Octane-90 and a shorter life for these parts.

The report, carried out by an internationally accredited company, has shown high iron presence in 90- and 95-octane fuel samples from various gas stations, including those affiliated with the refinery, which has cried foul, accusing JSMO of "bias".

"The decisions were taken today and have already gone into effect. Any imported or locally produced fuel must now adhere to the new standards. We are committed and bound by international treaties [to safeguard health and environment] and we are extremely keen on adhering to the highest international standards in this regard," Shahahdeh told The Jordan Times over the phone.

"The Ministry of Environment inspects imported fuel and fuel derivatives for the presence of elements that can directly or indirectly affect public health and the environment. To this end, for example, the ministry in 2009 phased out the use of lead in fuel, because this element causes serious health and environment hazards", he noted.

The JPRC's reaction came despite the fact that the refinery does not have to abide by gasoline quality regulations under a waiver, pending the completion of its fourth phase of an expansion plan, where it would be technically able to meet the local specifications.

In 2016, the government signed deals with the French oil company Total, Jordan'sManaseer Oil & Gas and the JPRC to equally divide the distribution of oil derivatives between the three companies.

___

(c)2018 the Jordan Times (Amman, Jordan)

Visit the Jordan Times (Amman, Jordan) at www.jordantimes.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials (JOD)
Sales 2018 1 819 M
EBIT 2018 61,7 M
Net income 2018 32,3 M
Debt 2018 759 M
Yield 2018 7,66%
P/E ratio 2018 8,08
P/E ratio 2019 7,86
EV / Sales 2018 0,56x
EV / Sales 2019 0,52x
Capitalization 261 M
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Spread / Average Target -100%
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NameTitle
Abdul Karim Hussein Alawin Chief Executive Officer
Waleed Methcal Daoud Asfour Chairman
Hani Ahmed Shoush Executive Vice President-Technical Affairs
Omar Ashraf Ali Al-Kurdi Vice Chairman
Abdul Rahim Fathi Salim Al-Baqai Director
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