Jordan Phosphate Mines Co. (JPMC) and India’s Teesta Agro Industries Ltd. have signed a Memorandum of Understanding (MOU) to establish a company to produce phosphoric acid and DAP in Jordan, the Jordanian company said in a March 24 filing to the Amman Stock Exchange.
The plant will have capacity to produce 300,000 mt of DAP annually, which will be exported to India, JPMC said. It put the estimated cost of the project at $400 million.
Both parties have agreed to discuss procedures to establish the company in Amman within four months
Teesta Agro produces SSP and NPK fertilizers, as well as micronutrients.
JPMC also said it has signed an agreement with India’s Oswal Agro Chemicals & Fertilizers Private Ltd. “to cover the latter’s needs for ‘low-quality phosphate’ [phosphate rock] with an annual volume of 500,000 mt over 10 years, based on quarterly global prices.”
The first agreement was signed by JPMC Chairman Mohammad Thneibat and the General Manager of India’s Teesta Agro Industries Ltd., Paramdeep Singh, and the second was signed with Oswal’s CEO.