King Mohammed VI, Ethiopian PM Launch $3.5 Billion Fertilizer Plant in Ethiopia

by Selam

Addis Ababa – King Mohammed VI and Ethiopian Prime Minister, Haile Mariam Dessalegn, chaired, on Saturday in Addis Ababa, the launch ceremony of a project to build a world-class integrated platform for fertilizer production in Ethiopia.

HM the King and the Ethiopian Prime Minister also chaired the signing ceremony of several Private/Private agreements.

On this occasion, CEO of OCP Group, Mostafa Terrab, gave a speech before HM the King and Ethiopian Prime Minister in which he said that the project to build the integrated platform for fertilizer production will require a total investment of nearly 3.7 billion dollars.

“This industrial Megaproject will require an investment of 2.4 billion dollars in its first phase in order to produce 2.5 million tons/year of fertilizer by 2022. This will make Ethiopia self-sufficient in fertilizer, with a potential for export. An additional investment of 1.3 billion dollars is expected by 2025 to reach a total capacity of 3.8 million tons/year of fertilizer to support the growth of local demand,” he said.

This South-South partnership is part of a common vision for the development of Africa between Morocco and Ethiopia and a strong willingness to strengthen economic ties, said Terrab, noting that this project aims to take full advantage of the complementarity between the respective natural resources of the two countries.

This industrial platform, which will consist of an integrated complex of fertilizer production, industrial and storage units, is part of OCP’s future strategic development plan to meet local fertilizer needs. A plan based on the complementarity of the respective natural resources of the two countries, he noted.

According to Terrab, the industrial platform will be equipped with all necessary basic infrastructures. It will

Read More Here:


AddisNews is not responsible for the contents or reliability of any other websites to which we get contents from and provide a link and do not necessarily endorse the views expressed by them.

Comments

comments

Click Here to Read More on AddisNews

Related Posts

Leave a Comment