Jordan Petroleum Refinery : F.S (JOPT) 15 03 2023

JORDAN PETROLEUM REFINERY COMPANY

(A PUBLIC SHAREHOLDING LIMITED COMPANY)

AMMAN - JORDAN

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 TOGETHER WITH INDEPENDENT AUDITOR'S REPORT

JORDAN PETROLEUM REFINERY COMPANY

(A PUBLIC SHAREHOLDING LIMITED COMPANY)

AMMAN - JORDAN

DECEMBER 31, 2022

TABLE OF CONTENTS

	Page
Independent Auditor's Report	1 - 4
Consolidated Statement of Financial Position	5
Consolidated Statement of Profit or Loss	6
Consolidated Statement of Comprehensive Income	7
Consolidated Statement of Changes in Owners' Equity	8
Consolidated Statement of Cash Flows	9
Notes to the Consolidated Financial Statements	10 - 82

Deloitte & Touche (ME) Jordan

Jabal Amman, 5th Circle

Amman 11118, Jordan

Tel: [phone]

Fax: [phone]

www.deloitte.com

AM / 000573

To the Shareholders of

Jordan Petroleum Refinery Company

(A Public Shareholding Limited Company)

Amman - Jordan

Report on Audit the Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of Jordan Petroleum Refinery Company

statement of financial position as at December 31, 2022, and the consolidated statement of

,

and statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2022, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards

independent of the Group in accordance with the International Ethics Standards Board for ics for Professional Accountants (IESBA Code) together with the other

statements in Jordan, and we have fulfilled our other ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Matter

The accompanying consolidated financial statements are a translation of the statutory consolidated financial statements in the Arabic language to which reference should be made.

(Continued)

Jordan Petroleum Refinery Company

Financial Statements for the Year Ended December 31, 2022

Key Audit Matters

Key audit matters, in our professional judgment, are the most significant matters in our audit of the consolidated financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have fulfilled the respons the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

A description was provided on how to examine each of the matters referred to below in the audit procedures:

Key Audit Matters

Amount owing by the Ministry of Finance

As at December 31, 2022, the Company had an amount owing by the Ministry of

to refinery and gas activities.

We have considered this as a Key Audit Matter due to the following:

We were unable to confirm the balance related to refinery and gas activities as at December 31, 2022

The MOF has confirmed the balances as at September 30, 2022; and

The volume of transactions which took place between the Group and the MOF.

Refer to note (9-E),(18-A) and (18-E) for more details relating to this matter.

Scope of the Audit to Address the Risk

We performed the following procedures in relation to this amount:

We obtained an understanding of the relationship between the Group and the MOF.

We identified the relevant controls over the recording of the balance with the MOF.

We assessed the design of these controls and determined if they had been implemented appropriately.

We obtained and reviewed all correspondences between both parties.

We read the board of directors and audit committee minutes of meeting to determine if there were any matters which needed to be taken into account when determining the balance with the MOF.

We inspected the correspondences and agreements between Company and MOF which had the effect of confirming the total transactions which occurred during the last quarter of the year 2022.

We reconciled the remaining balance reported in the financial statements to the amount confirmed as of September 30, 2022, and tested the transactions during the period through test of details and recalculation.

We assessed the disclosure in the consolidated financial statements relating to this matter against the requirements of IFRSs.

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(Continued)

Jordan Petroleum Refinery Company

Financial Statements for the Year Ended December 31, 2022

Other Information

Management is responsible for the other information. The other information comprises the other information in the annual report excluding the consolidated financial statements and the independent auditor thereon, which is expected to be made available to us after the date of our audit report.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the annual report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

Responsibilities of Management and Those Charged with Governance for the Group Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group process.

tements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, able assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risk, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than the one resulting from error, as fraud may involve collusion, forgery, intentional omission, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

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