Jordan Phosphate Mines Co. (JPMC) and Turkish oil trading and logistics company Transpet Petroleum and Energy Co. signed an agreement on Oct. 24 to establish a joint-venture phosphoric acid plant in Aqaba on Jordan’s Red Sea coast, according to Jordan News. The two parties inked an initial agreement for the project back in May (GM May 19, p. 29).
The project will have a budget of $400 million and is expected to have an annual production capacity of up to 300,000 mt, or around 165,000 mt P2O5, according to the report. The new plant is expected to be operational in about three years.
JPMC Chairman Mohammad Thneibat welcomed the deal with Transpet and emphasized the potential for further cooperation between Turkey and Jordan in the production of phosphate fertilizer, as cited by the Menafn news agency.
The project is part of JPMC’s plan to expand its manufacturing, diversify sources of income, and “contribute to Jordan’s efforts to address unemployment” in the country.