In a meeting held in Casablanca between the Fauji Fertiliser Group and the OCP Group, Morocco, a joint memorandum of understanding (MoU) has been signed for establishment of a joint venture for production of phosphoric acid.
Both sides have shown their keenness to combine their expertise in setting up of a new phosphoric acid plant in Morocco.
The new plant will be set up under the auspices of a new joint company likely to be named Pak-Maroc Phosphore Societe Anonyme (PMP S.A.) with 50:50 equity partnership.
The project is expected to cost about US $200 million, and would be commissioned by end of 2006.
This project will ensure guaranteed supply of phosphoric acid to the FFBL for its DAP production, and earn valuable foreign exchange.-PR