JPMC, India's TAIL sign $400m memo to produce phosphoric acid, fertilizer

Jordan Phosphate Mines Company  JPMC
Jordan Phosphate Mines Company. (Photo: Jordan News)
AMMAN — The Jordan Phosphate Mines Company (JPMC) and India’s Teesta Agro Industries Limited (TAIL) on Wednesday signed a memorandum of understanding to establish a company to produce phosphoric acid and diammonium phosphate fertilizer in Jordan.اضافة اعلان

The estimated cost of the newly-announced company stands at $400 million, with a production capacity of 300,000 tonnes annually, which will be exported to India, according to a JPMC statement carried by the Jordan News Agency, Petra.

The two sides also agreed to hold the first meeting to discuss procedures to establish the fertilizer company in Amman within four months.

In addition, the JPMC signed an agreement, under which the company supplies India's Oswal Agro Chemicals & Fertilizers Private Ltd with its need of low quality phosphate at an amount of 500,000 tonnes per year for a 10-year period, based on quarterly global prices.

The agreements were signed by the JPMC Chairman Mohammad Thneibat, General Manager of India’s Teesta Agro Industries Limited Paramdeep Singh, and Oswal's CEO.

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