The Jordan Petroleum Refinery Company (JPRC) said Monday it started talks with several equity and loan providers to implement a 1.6-billion-U.S. dollar project to expand the capacity of the country's sole refinery.

"This is a very important project as the last time the refinery was expanded in 1982. We have conducted the feasibility study on the project already," JPRC CEO Abdul Karim Alaween said during the Jordan International Energy Summit Monday.

The expansion project entails increasing the refinery's capacity from 70,000 barrels per day to 120,000 barrels per day, according to Alaween.

"One of the main objectives of this project is to stop producing high sulfur fuel oil. It will also help meet rising demand on fuel that is witnessing a 3 percent increase every year," said Alaween.

The project will help meet international standards as well, he added.

Jordan imports about 97 percent of its energy needs annually.