Amman, Chairman of the Arab Potash Company (APC) Board of Directors Jamal Sarayrah has said that the company will start exporting more than 45,000 tons of red fertilizer to Brazil starting in August.
The 57 percent rise in global demand for red, compound and diluted fertilizers encouraged the company to pursue the production of red fertilizer, Sarayrah told journalists Sunday.
He noted that the APC was exporting the raw material from which red fertilizers are manufactured, but now the company makes full use of the raw material and will seek new investments in this area.
He said that the red fertilizer is sold $30 above white fertilizer per ton, in addition, it creates job opportunities for Jordanians who comprise 100% of the company’s workforce: 200 jobs.
Sarayrah pointed out that the company had signed an agreement with the Ministry of Energy and Mineral Resources to fund the studies aimed at exploring prospects to mine potash in areas near the Dead Sea at a funding value of JOD12 million, expecting the project to yield 750 million tons of potash.
He pointed out that a tender had been floated to conduct business case studies in “Fifa” area, which is expected to yield more than 450 million tons of potash.
The APC has allocated more than JOD50 million to carry out dam projects, which are aimed at providing some 5.5 sqm million of water annually.
The company’s profits during the first half of 2019 reached some JOD78 million, compared with JOD52.7 million in the first period in 2018, up by 48 percent.
Source: Jordan News Agency