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Phu My Fertilisers inks MoU to build plants in Morocco
Phu My Fertilisers last Friday signed a memorandum of understanding with Office Cherifien des Phosphates (OCP) of Morocco to build fertiliser plants.
The MoU includes a diammonium and phosphate (DAP) fertiliser plant in Morocco with an initial investment of US$600 million, as well as an ammonia plant in Viet Nam or a similar country with available natural gas, according to Phu My Fertilisers.
The DAP project will produce around 660,000-1 million tonnes annually and is slated for operation in 2011. It will produce DAP for Viet Nam and neighbouring countries.
Once completed, the project will be Viet Nam’s largest investment project outside the country, according to Dinh La Thang, CEO of PetroVietnam, the parent company of Phu My Fertilisers, which is the country’s second largest listed firm in capitalisation.
The Ammonia factory will use natural gas for raw material input and will produce ammonia for refrigeration and the manufacture of fertilisers, explosives, plastics and other chemicals.
Phu My Fertilisers recently reported a rise in pre-tax profits of 77 per cent to VND425.5 billion ($26.7 million) in the first quarter with revenues doubling to VND1.22 trillion.
OCP Group, Morocco’s largest conglomerate, owned by the Royals of Morocco, engages in mining, processing and marketing phosphates.
The Casablanca headquartered company was founded in 1920 and produces and exports phosphate rocks and derivatives, including phosphoric acid and fertilisers.
VNS
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