King urges developing phosphate exports to include downstream industry products

King urges developing phosphate exports to include downstream industry products
Amman - His Majesty King Abdullah II Tuesday stressed the importance of developing the Jordan Phosphate Mines Company’s (JPMC) exports to include downstream industry products with high economic value to alleviate the impact of price fluctuations and enhance competitiveness.اضافة اعلان

According to a royal court statement, during a meeting with JPMC representatives, attended by His Royal Highness Crown Prince Al Hussein bin Abdullah II, His Majesty praised the results achieved by the company in recent years, calling for developing an ambitious investment plan consistent with the goals of the Economic Modernisation Vision, in terms of expanding investment, increasing growth and employment, and boosting modern industries.

During the meeting, attended by Prime Minister Bisher Khasawneh, JPMC Chairman Mohammad Thneibat spoke about the company’s keenness to improve the quality of production and increase its volume, as well as increase sales.

Thneibat said the company has also established new partnerships and started implementing new projects to increase revenues and strengthen its financial and competitive standing.

He added that the company's new projects are expected to contribute to a total increase in sales of approximately $1.2 billion, and an increase in profits no less than $500 million, in addition to creating 1,000 new job opportunities.

The government owns the largest share in the JPMC, which is divided between the Government Investment Management Company, with a 25.6 per cent stake, and the Social Security Corporation, with a 16.6 per cent stake.

JPMC CEO Abdel Wahab Alrowwad gave a briefing on the company’s work during the past five years, explaining that the number of job opportunities it offers increased to 10,000 direct and indirect ones, while the production volume of mining increased by 3.5 million tonnes to reach 11.5 million tonnes.

According to Alrowwad, the company’s sales increased by $890 million, exceeding $2 billion during the same period.

The company has also reached new markets in countries like the United States, Brazil, Australia, and China, and reduced production costs by 40 per cent annually, while employing integrated automation technologies in its production processes, he continued.

Alrowwad highlighted the company's plans for 2024-2030, which include establishing an industrial complex in Aqaba, in partnership with the Arab Potash Company, as well as establishing the Jordanian-Turkish Fertiliser Company, and raising the production capacity of a number of its factories.

Jordan has the fifth largest phosphate reserves in the world at 3.7 billion tonnes, of which 1.25 billion tonnes are the mine reserves of the JPMC, which is the first exporter and fifth largest producer of phosphate in the world, with an annual production capacity of more than 7 million tonnes.

Director of the Office of His Majesty Jafar Hassan and Energy Minister Saleh Kharabsheh attended the meeting.

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