The Jordan Petroleum Refining Company (JPRC) is in discussions with several banks to secure financing to expand the Middle East country’s only oil refinery.

The Jordan Times reported JPRC CEO Abdul Karim Alaween saying that discussions with several equity and loan providers were ongoing for the $1.6bn project.

The expansion will increase the refinery’s capacity to 120,000 barrels a day (b/d) from the existing 70,000 b/d to meet rising domestic demand for fuel. Alaween also said the project will enable Jordan to stop producing high-sulphur fuel oil.

JPRC’s refinery is located in Zarqa, 24 kilometres northeast of Amman.