China to purchase $42 million Jordanian potash in 2003
Jordan’s Arab Potash Company (APC) has finalized a $42 million deal under which it will supply 420,000 tons of potash to China in 2003, reported the official Petra news agency. In 2001, the People’s Republic of China had purchased 1.9 million tons of potash from APC.
APC’s main export markets are India, China and Malaysia, purchasing 26.6, 22.6 and 11 percent of APC's overall foreign sales respectively. Other significant markets for Jordanian potash include Indonesia, Korea, Spain and Taiwan.
Formed in 1956, APC is a public shareholding company in which several Arab governments, including Kuwait and Iraq, are stakeholders. APC was given concession from the Jordanian government, which retains a 52.8 percent interest in the company, to exploit, manufacture and market the resources of the Dead Sea for 100 years.
The fifth largest potash producer in the world, APC manufacturers Potassium Chloride (MOP)/Fertilizer grade (2 million MTPY) and Industrial grade Potash Plant (100,000 TPY). The company posted 13.4 million Jordanian Dinars ($18.88 million) in net profits during the first six months of financial year 2002, down from JD15.7 million in the corresponding period the previous year. — (menareport.com)
© 2003 Mena Report (www.menareport.com)