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PetroVietnam plans fertilizer’ venture in Morocco   2008-05-13 - Reuters

State-run PetroVietnam Fertilizer and Chemicals Co.(PVFC) plans to establish a joint venture with Morocco Office Cherifien des Phosphates (OCP) to invest in a fertilizer plant in Morocco.

Workers unload a ship of imported fertilizer at Saigon Port  

PVFC signed a Memorandum of Understanding late last week with OCP to jointly invest US$600 million in the project, which is scheduled to be completed by 2011.

The two companies are considering whether to set up a factory to produce ammoniac in Vietnam or in a third country that can assure gas supplies to the proposed plant.

PVFC now operates Phu My Fertiliser plant with an annual capacity of 740,000 tons in southern Vietnam.

Vietnam, which is the world’s second largest exporter of rice, has to import all of its diamonium phosphate, or DAP, (900,000 tons forecast for this year, u 20 percent from last year).

PVFC, the second biggest company by market value on the Ho Chi Minh Stock Exchange, dropped VND1,000, or 2 percent, to VND49,500 Monday.

OCP Group engages in mining, processing and marketing phosphates.

It produces and exports phosphate rock and phosphate derivatives, including phosphoric acid and fertilizers.

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