A Pakistani fertiliser company has signed an agreement with Morocco for the establishment of a joint venture in the Northern African country to produce 375,000 tonnes of phosporic acid for use by the Fauji Group.
According to a message received from Rabat, the agreement was signed between Fauji Foundation, Fauji Fertiliser Company Limited (FFCL), Fauji Fertiliser Bin Qasim Limited and Office Cherifien Des Phospates (OCP).
The agreement was signed on Monday in the presence of Moroccan Prime Minister Driss Jettou. Pakistan's Ambassador Ms. Attiya Mahmood, Chairman, Fauji Foundation and the representatives of FFCL and FFBL were also present on the occasion.
The project estimated to cost US $ 203 million will be established at Port Josh Lasfar, about 120 kilometres south west of Casablanca, and will be operative by the end of 2006. It will produce 375,000 metric tonnes of phospheric acid for use by the Fauji ground. The venture has been established on a 50-50 equity participation by both sides.
The Memorandum of Understanding was inked during the visit of President General Pervez Musharraf to Morocco last year in July. Speaking on the occasion, the Moroccan Prime Minister said: "Besides being a flagship venture of its type between two friendly Muslim countries, it is also a true manifestation of South-South Co-operation which the two countries have been advocating."
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