Privatizing of Jordanian Phosphates Company recommended
A recently executed study by a specialized team about the status of the Jordanian Phosphates Company has recommended to either privatize some of the Phosphate Company’s departments such as mining, maintenance and transportation or to locate a strategic partner to invest in the company.
According to Al-Bayan newspaper, the company had recently lost up to 50 percent of its capital. In addition, the company’s accumulated debts to the Social Security Associtaion exceeds JD 20 million.
The major problems encountering the Jordanian Phosphates Company are the accumulated $50 million cash deficit, capital financing deficit, rising production costs and rising payments to the government. In addition, the company is suffering from international competition and fluctuating international prices. –(Albawaba-MEBG)