VC Bank, JAFCCO and JPMC sign MoU for Jordan fertilizer complex

    Dumped value of 'ID':
'120967';

Dumped value of 'images_loop':
[
    {
        'caption' => 'Mr. Abdullatif Mohammed Janahi, Board Member & CEO of VC Bank,  Mr. Waleed Al-Kurdi, Chairman & CEO of JPMC, and Engineer Khalid Manasrah, Chairman of JAFCCO signs the MoU.',
        'col' => 'picture',
        'name' => '1312.jpg',
        'url' => '/2/40532-1312.jpg'
    }
];

Mr. Abdullatif Mohammad Janahi, Board Member and CEO of VCBank said, 'We are pleased to announce that as a result of the distinguished relationship between the Kingdom of Bahrain and the Hashemite Kingdom of Jordan, as well as the continuous and sincere efforts of the partners in this new venture, the signing of a memorandum of understanding (MOU) for the development of a fully integrated industrial complex.'

Mr. Janahi added, 'We are also very pleased to announce the foundation of this relationship as it confirms VC Bank's objective of contributing to the growth of regional economies. Given the mineral resources available in Jordan and the quality of its human capital, we are excited to finalize this transaction and start the production in order to satisfy regional market needs for these fertilizer products'.

Mr. Abdullatif Mohammed Janahi, Board Member & CEO of VC Bank, Mr. Waleed Al-Kurdi, Chairman & CEO of JPMC, and Engineer Khalid Manasrah, Chairman of JAFCCO signed a memorandum of understanding for the development of a fully integrated industrial complex in Jordan, specialized in the manufacturing of fertilizers and chemicals such as sulphate of potassium (80,000 MT/year), sulphuric acid (75,000 MT/year), technical/food grade phosphoric acid (22,000 MT/year) and calcium chloride (50,000 MT/year). This MOU will provide the requisite foundation for the strategic relationship between the three firms going forward.

The expected time to complete this project is two years and upon completion, the production of this complex will be marketed in the neighboring and international markets and will have an advantage over its competition due to the availability of raw materials from the Jordan Phosphates Mines Company and the Arab Potash Company.

JPMC's Chairman Mr. Al-Kurdi said that this transaction demonstrated the growing cooperation between Jordan and GCC countries such as Bahrain in creating an attractive investment environment for foreign investors in the Kingdom. 'We are very proud of this partnership and believe that this venture is just the starting point for many investments in different areas of the Kingdom.'

JAFCCO's Chairman, Engineer Khalid Manasrah added, 'Given that Jordan is the only producer of Potash in the Arab world and realizing the need for Suphate of Potassium (SOP) in Jordan and neighboring countries, JAFCCO started the production of SOP in 1997 and has been growing its production since then'. He further stated, 'We are very proud to partner with prominent institutions such as VC Bank and JPMC and believe that with the capabilities of our strategic partners, we can expand the chemical fertilizers industry in Jordan.'