JPMC to supply phosphate, phosphoric acid to Bangladesh

AMMAN — Jordan Phosphate Mines Company (JPMC) and the government of Bangladesh on Saturday signed a memorandum of understanding, under which JPMC will supply the south Asian country with 270,000 metric tonnes of phosphate and phosphoric acid.

At a total value estimated at $280 million, the company is to deliver these amounts over a period of three years.

The MoU was signed by JPMC Chief Executive Officer Shafiq Ashqar and Chairman of the Bangladesh Chemical Industries Corporation (BCIC) Mohammed Iqbal, in the presence of senior officials from the two countries.  according to a JPMC statement.

JPMC will provide BCIC with 150,000 metric tonnes of rock phosphate and 120,000 metric tonnes of phosphoric acid, used to produce fertilisers.

The company will also look into the possibility of exporting DAP fertiliser to Bangladesh. 

An agreement to be renewed on annual basis for three years, will be signed between the countries soon, to mark the start of the first shipment. 

In the first year, JPMC will export $80 million worth of the quantities agreed on while it will export the remaining $200 million worth of materials in the next two years.  

Speaking to the press, Ashqar said that the relationship between JPMC and BCIC extended for so many years where the company used to be the main supplier of phosphate to the Bangladeshi market.

Iqbal voiced confidence that the deal to import Jordanian phosphate and fertilisers will contribute to the development for his country's agricultural sector.

“It is our pleasure to announce exclusive contract with JPMC which will help to have a long relationship”.

Industry, Trade and Supply Minister Yarub Qudah, Bangladeshi Minister of Industry Mohammad Amir Hossain and JPMC Chairman Amer Majali attended the signing ceremony.

Also on Saturday, representatives of the Amman Chamber of Industry council met with the Bangladeshi minister and discussed means to boost economic cooperation between Jordan and Bangladesh furthermore, according to the Jordan News agency, Petra.