05 October 2009 13:56 [Source: ICIS news]
NEW DELHI (ICIS news)--Jordan India Fertilizer Company (JIFCO) will commission its phosphoric acid project at Eshidiya in ?xml:namespace>
The official at Indian Farmers Fertilser Cooperative Limited (IFFCO) said the start-up date had not yet been finalised but the objective would be to commission the $625m (€431m) project within 36 months.
The project has reached the construction stage with Jordanian King Abdullah II laying the foundation of the plant on Saturday.
JIFCO is a joint venture (JV) between IFFCO and Jordan Phosphates Mines Company (JPMC). The former has a 52% stake in the JV with the balance held by JPMC.
JIFCO plans to earn $300m in foreign exchange for
JPMC is to supply rock phosphate and sulphur to the project, which would have capacity to produce 1.5m tonnes/year of sulphuric acid. This, in turn, would be used to manufacture 475,000 tonnes/year of phosphoric acid.
The World Bank’s private sector funding arm, International Finance Corporation (IFC) is acting as lead financial advisor-cum-arranger for the project.
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