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    Morocco, UAE to develop global fertilizer joint venture

    16 May 2018

    Morocco and the United Arab Emirates (UAE) agreed to build a new global fertilizer joint venture, Morocco's state owned phosphate OCP Group announced in a statement on Tuesday.

    The proposed partnership will be built between OCP and the UAE's Abu Dhabi National Oil Company (ADNOC). The venture will comprise two fertilizer production hubs, one in the UAE and one in Morocco, giving the proposed joint venture global market reach, the statement said.

    The venture will build on both companies' competitive advantages, namely ADNOC's world-scale sulphur production, ammonia and gas expertise, shipping and logistics network, as well as OCP's access to large phosphate resources, its century-long fertilizers know-how and its marketing network, to develop a new global fertilizers producer, it pointed out.

    This proposed project extends the partnership already established through the existing long-term sulphur offtake agreement that was announced by the two firms in December 2017, it noted.

    The agreement aligns with ADNOC's announced plans to increase production by at least 50 percent from its current levels of 7 million tons a year, as it looks to increase gas production by tapping into vast gas caps and scaling up sour gas production.

    OCP has engaged in a large-scale development program that will enable it to capture its fair share of growing demand for fertilizers. The first phase of this program was completed this year and has brought the company's existing fertilizer capacity to 12 million tons, and rock export capacity to over 18 million tons.

    'We view this new partnership as a unique opportunity, in line with our global strategy, which will contribute to our ability to serve the growing demand for fertilizers worldwide,' said Mostafa Terrab, OCP Group chairman and CEO.

    For his part, Sultan Ahmed Al Jaber, UAE's Minister of State and ADNOC Group CEO said that the agreement is in line with the intention of the leadership to further build on the existing close relations between the two countries.

    xinhuanet

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