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Jordan Phosphate Mines Company signs export MoU with Bangladesh

Jordan Phosphate Mines Company signs export MoU with Bangladesh

AMMAN: Jordan Phosphate Mines Company (JPMC) signed a Memorandum of Understanding with the Government of Bangladesh to export 270 Metric Tons of Rock Phosphate and Phosphoric Acid worth $280 million for 3 years.

The MoU was signed by the CEO of JPMC Dr. Shafeq Ashkar and Chairman of Bangladesh Chemical Industries Corporation (BCIC) Mohammed Iqbal, in the presence of senior officials from both countries.

Under the MoU, JPMC will supply the BCIC with 150 thousand M/T of rock phosphate, and 120 thousand tons of phosphoric acid used as row materials for high value added fertilizer industry. This will also open the door for negotiations to supply DAP fertilizer to Bangladeshi market.

An agreement between the Jordanian and Bangladeshi governments will be signed very soon following the MoU to mark the start of the first shipment.

The agreement, renewed on a yearly basis for 3 years, is worth 80 million US$ at the first year, and 200 million US$ for the next two years. Both sides stressed the importance of this agreement in strengthening the relationship between the JPMC and the Bengali government and meeting Bangladesh’s needs of fertilizer product.

CEO of JPMC Dr. Ashkar said: “the relationship between JPMC and BCIC extends for a long time, as we were the main supplier of fertilizers to the Bengali market, and we are back to this market after a long absence as we started a fruitful negotiation in 2015.

“We succeeded to achieve a gradual comeback to this market to supply the fertilizer industry with a high quality of rock phosphate and phosphoric acid to meet the market needs, he added.

The Chairman of Bangladesh Chemical Industries Corporation (BCIC) Mohammad Iqbal said: “It’s our pleasure to announce exclusive contract with JPMC which will help to have a long relationship”.

Bangladesh is a small country with a very big population. We need to constantly increase our food production for food security, and we have a long experience with the Jordanian Phosphate. I am confident that Bangladesh’s agriculture will move forward with this new era that we have begun together today” he added.