The Ethiopian government has announced that it will partner up with OCP Group, the Moroccan world leader in the phosphate industry, in a joint $2.5 billion venture aiming to build a fertilizer plant in East Ethiopia, reports Yabiladi.
An officer from the Ethiopian Institute of Chemical and Construction Development told local press that “the factor, in partnership with the OCP Group, will be built in the zone of Shinile, bordering with the city of Dire Dawa and the Somali region, in east Ethiopia.”
The officer also indicated that the factory will be built over 100 acres and is expected to produce 1.1 million tons of urea and 1.5 million tons of fertilizer.
Construction will start next year, according to the same source, and should take place over the three years.
Sixty percent financing will be provided by bank loans while the remainder will be covered by the OCP Group and the Ethiopian government, says Yabiliadi.
OCP Group has been extremely active recently. Just last month, it announced the creation of a joint venture with India’s fertilizer cooperative, Kribhco, aiming to build a large scale fertilizer manufacturing plant in Krishnapatam, India.
According to Yabiladi, the OCP Group has a financing budget of 18 billion dollars to be invested by 2025. This budget aims to finance phosphate and fertilizer production as well as the distribution of phosphoric acid. These joint ventures and investments will be beneficial for all parties involved.
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