JPMC, Teesta Agro sign MoU to launch $400m company to produce fertilisers

AMMAN — The Jordan Phosphate Mines Company (JPMC) and Indian Teesta Agro have signed a memorandum of understanding (MoU) to establish a company to produce phosphoric acid and DAP fertilisers in Jordan with an estimated cost of $400 million and a total capacity of 300,000 tonnes annually that will be exported to India. 

Both sides agreed to hold the first meeting to discuss procedures of establishing the company in Amman within four months, the Jordan News Agency, Petra, reported.

Meanwhile, the JPMC signed an agreement with Aizawl Fertilisers India to cover the latter’s needs of low-quality phosphate with an annual volume of 500,000 tonnes over 10 years according to the quarterly global prices.