Bangladesh Chemical Industries Corp. (BCIC) signed a Memorandum of Understanding (MOU) with Hanwha Saudi Contracting Co. Ltd. for the Saudi company to undertake a feasibility study on setting up a DAP fertilizer plant in Saudi Arabia.
The MOU was inked on Feb. 15 at Bangladesh’s Ministry of Industries, according to a report by the country’s Daily Observer newspaper, citing a ministry press release.
According to an Arabnews report, citing the Deputy Secretary of the Ministry of Industries in Dhaka, Sharif Md. Mashud, the ministry estimates that it may take around six months for the completion of the feasibility study.
The proposed plant – if it goes ahead – will be jointly-owned by the two countries, and will help meet Bangladesh’s demand for phosphate fertilizer, according to the minister. The plant’s capacity will be decided upon after the feasibility study is completed.