JPMC signs agreements, MoUs worth $1.5bln with Indian companies

[16-05-2022 12:42 AM]

Ammon News -

The Jordan Phosphate Mines Company (JPMC) on Sunday signed memoranda of understanding and agreements with a number of Indian phosphate and phosphate fertilizer companies and manufacturers, worth $1.5 billion.

Under the agreements, the JPMC will supply the Indian Farmers Fertilizer Cooperative Limited (IFFCO) with about 2 million tons of phosphate and 100,000 tons of phosphoric acid annually. It will also supply to Indian Potash Limited (IPL) and IFFCO about 250,000 tons per annum of DAP fertilizer each.

In addition, the JPMC will supply IPL with 100,000 tons of phosphate for the manufacture of single superphosphate (SSP) annually, in addition to supplying RCF, another Indian company, with 100,000 tons of phosphates annually.

The agreements also pave the way for the establishment of two phosphoric acid plants in Shediya and Aqaba, south, subject to the results of feasibility and technical studies to be completed within the next few months.

The agreements were signed by JPMC Chairman Dr. Muhammad Thneibat, and representatives of the Indian companies. The signing ceremony was attended by Mansukh Mandaviya,
Union Minister for Health & Family Welfare of India, the Jordanian Minister of Investment, Khairy Amro, the Indian Ambassador in Amman Anwar Halim, and the CEO of the JPMC Abdulwahab Al-Rawad.

Thneibat said that the agreements and memoranda of understanding reflect the global standing of the JPMC, as well as success stories with its Indian partners, indicating that other meetings will take place in India to put these agreements into practice.

He said that the new partnerships with the Indian side will bring to Jordan, in addition to financial investments, technical expertise and advanced technology in the phosphate fertilizer industry.

Thneibat indicated that these agreements, which are not the company's first with international companies, will enhance the company's competitiveness and footprint more in the global phosphate market, in addition to its role in supporting the national economy.

In turn, the Indian minister said that this is a historic day for the Jordanian-Indian relations, indicating that Jordan is an important and strategic partner of India in the phosphate fertilizers industry.

Mandaviya said that his country is looking forward to a long-term partnership with Jordan in the phosphate and phosphate fertilizer industry, adding that the new agreements are a qualitative addition to the relations between the two countries.

He said that the crises the world is going through, especially the food crisis, make it imperative for all countries to unite their efforts to confront these crises and engage in serious cooperation and partnerships.

On the other hand, the CEO of the JPMC Abdulwahab Al-Rawad signed a cooperation agreement between the company and India's Global Steel Industries. Under this agreement, the JPMC will supply the Indian company with 500,000 tons of Jordanian phosphate over the course of a year, incremental to 2 million tons in the future.

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