Venture Capital Bank and Jordan Phosphate Mines Company (JPMC) Launch the Expansion Project of Jordan Al Abyad Fertilizers and Chemicals Company (JAFCCO) at US$90 Million
Venture Capital Bank and Jordan Phosphate Mines Company (JPMC) launched the expansion project of Jordan Al Abyad Fertilizers and Chemicals Company (JAFCCO). The total cost of the project estimated around US$ 90 million, and it's a partnership between Venture Capital Bank, Jordan Phosphate Mines Company and other strategic Jordanian partners whereby Venture Capital Bank represents the largest investor in the Company. The construction process will commence in Al Abyad Area close to the Abyad phosphate mines which will supply phosphate rock, one of the main raw material required for the expansion project.
The project comes at a time of increasing global demand for fertilizers and the skyrocketing of its prices, in addition to the Jordanian government support for investments in Jordan. The intensive efforts by all parties culminated in the signing of the agreement last month in the Chinese Capital Beijing with CQMMC, one of the major state owned Chinese Engineering, Procurement and Construction contractors to carry out the Expansion Project on a Turnkey basis. The project will have many benefits to Jordan especially when utilizing the two main raw materials, phosphate rock and potash, and offering job opportunities for technical and managerial talents.
From his side, Board Member and Chief Executive Officer of Venture Capital Bank Bahrain, Abdullatif Mohammed Janahi, said: "We are glad to announce the kick of the project; we have great confidence in our partners in Jordan and the company's executive management whom we provide our confidence and full support in order to ensure smooth completion of the project. There is no doubt that Jordan presents a good investment environment that opens up the potential for a diverse world of opportunities. The project will provide (370) job opportunities and will give diversity to the manufacturing of raw materials for Potash and phosphate available in Jordan.
Chief Investment Officer, Private Equity & Financial Advisory of Venture Capital Bank, Mr. Sharif Monfaradi said: "This project is unique in its diversity of product range within one roof, which is not the case with many projects in different parts of the world. He also pointed out that the Expansion Poject will produce 132,000 tons Sulphuric Acid, 80,000 tons of Potassium Sulphate, 65,000 of Triple Super Phosphate, 15,000 tons of Di-Calcium Phosphate and 58,000 tons of Calcium Chloride.
The Jordanian Prime Minister H.E. Nadir Al Dahabi had met last April with Mr. Walid Al Kurdi (JPMC's chairman), Mr. Abdullatif Mohammed Janahi, Engineer Khalid Manasrah CEO of JAFCCO and Mr. Sharif Monfaradi, were he commended the project and highlighted the importance of the project to the Hashemite Kingdom of Jordan and its citizens affirming the government's keenness in providing healthy environment to encourage investments in Jordan.
This signing ceremony was attended by all parties in addition to the Bahraini Ambassador in Amman, Mr. Nasser Al-Kaabi and representatives of the Chinese Embassy in Amman.