Vietnam, Maroc in US$600m fertiliser plant deal
13-MAY-2008 Intellasia | Dow Jones
May 13, 2008 - 7:00:00 AM
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PetroVietnam Fertiliser and Chemicals Co., or PVFCC, and Office Cherifien des Phosphates, or OCP, of Morocco have signed an agreement to build a fertiliser plant valued at US$600 million in Morocco, a PetroVietnam official said Sunday.
"The two companies have just signed the agreement to build the plant with an annual production of between 660,000 (metric) tonnes and 1 million tonnes of diamonium phosphate, or DAP, fertiliser to supply to Vietnam and other markets," spokeswoman Nguyen Phuong Anh said.
The DAP plant, which will be built soon, is slated to begin operations by 2011, Anh told Dow Jones Newswires, giving no details for the ownership of each side.
The agreement was signed under the witness of Chair Dinh La Thang of PetroVietnam and director general Mostafa Terrab of OCP, a PetroVietnam statement said.
PVFCC and OCP have also agreed on plans for an ammoniac plant in Vietnam or a third country, the statement said, without providing a timetable for the project. Ammoniac is a chemical substance needed for making fertilisers such as DAP or urea.
When it becomes operational, the DAP plant will be Vietnam's biggest investment project in a foreign country, the PetroVietnam statement said.
Vietnam, which is the world's second largest exporter of rice, has to import all of its DAP, which is forecast at 900,000 tonnes this year, according to state media, up 20% from last year.
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