Jordanian Phosphate Company to sell Aqaba complex following accumulated losses

Published October 26th, 2000 - 02:00 GMT

Senior Sources at the Jordanian Phosphate Company were recently quoted by Al-Sharq Al-Awsat newspaper, stating that the company’s management is currently conducting negotiations with two leading international companies in order to sell its industrial complex in Aqaba.  


According to the report, this move is a direct result of the increasing losses suffered by the company lately. The Aqaba plant mainly deals with the manufacturing of fertilizers. 


According to the report, the company’s sources revealed that by the end of June, the company’s accumulated losses had reached JD 60 million ($85 million). At the end of 1999, they were estimated at JD 24 million. The company’s negative trend has largely been the result of operating and marketing difficulties. 


The two international companies involved in these negotiations are from Norway and France. –(Albawaba-MEBG) 


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