Aqaba, 24 Oct 2023
Jordan Phosphate Mines Company (JPMC) and Turkish Transpet Petroleum and Energy Company signed an agreement on Tuesday to establish a joint factory for phosphoric acid (P2O5) in Aqaba. The project, costing $400 million, is expected to have a production capacity of up to 300,000 tonnes annually.
The agreement, signed at the headquarters of the Aqaba Special Economic Zone Authority (ASEZA), represents the largest Turkish-Jordanian investment in the phosphate and phosphate fertilizer sector to date. The document was inked by JPMC Chairman, Mohammed Thneibat, and Transpet Chairman, Ramazan Ostruk.
During the signing ceremony, Thneibat emphasized the significance of the new agreement and partnership with Turkish Transpet. He highlighted the potential for increased cooperation between the two nations in the phosphate fertilizer industry and the attraction of Turkish investments to Jordan.
Thneibat mentioned that the establishment of the new factory aligns with JPMC's ongoing efforts to prioritize manufacturing industries. Furthermore, he pointed out that the collaboration with Turkish Transpet to set up the factory over a 3-year span is projected to create hundreds of job opportunities. This initiative will bolster national endeavors to tackle unemployment.
This agreement, Thneibat added, is a continuation of a series of agreements JPMC has entered into with various international entities in the phosphate and phosphate fertilizer industry. Such collaborations enhance JPMC's stature on both regional and global scales.
Ostruk, on the other hand, conveyed Transpet's pride in this partnership, foreseeing expanded joint cooperation in the sector. He emphasized the importance of fortifying collaboration between Jordan and Turkey across various domains. Ostruk also commended the advanced state of Jordan's phosphate fertilizer industry and praised JPMC's role and accomplishments, particularly its notable growth in production and sales.
