Morocco signs accord with Pakistani Fauji to set up phosphoric acid production joint venture

Morocco's Premier, Driss Jettou, chaired here Tuesday, the signing of two accords on the setting up of a phosphoric acid production plant in Jorf Lasfar (near Casablanca) part of a 50-50 joint venture between "Office Cherifien des Phosphates" (OCP) and the Pakistani group Fauji, with an estimated cost of $225 million.

The accord concerns the creation of the company "Pakistan Maroc Phosphore S.A.." It defines working methods of the new company, that has a share capital of $88.8 million.

The plant is planned to produce 375,000 tons a year to meet the total needs in phosphoric acid of the fertilizer plant (DAP) that is run by Fauji group in Pakistan.

OCP director general said the accords signed with the Pakistani group would allow a 25 percent increase of production capacity in Jorf Lasfar, noting that 40 percent of the planned investments will be carried out by Moroccan companies.

This new partnership, he said, will enable to meet 40 percent of the Pakistani market needs in fertilizers.