PAKISTAN MAROC PHOSPHORE, S.A. (PMP)
PMP (Pakistan Maroc Phosphore) is a joint venture with Office Cherifien des Phosphate (OCP), a Moroccan Government entity intrusted since 1921 with managing all the phosphate reserves of the Kingdom of Morocco. The rationale for this venture was two fold: firstly, to provide FFBL with a long term reliable source of phosphoric acid, the raw material for its DAP production, and secondly, to have financial returns in a foreign currency, further diversifying the Foundation's revenue streams.
Finalized in 2005, the project share holding is 50:50 between the Fauji Group (Foundation 12.5%, FFCL 12.5%, FFBL 25%) and OCP. Share capital of the PMP is MAD 800 million (US$ 88 million). Established at Jorf Lasfar, OCP's phosphate hub in Morocco, the project has been completed at a cost of MAD 1.854 billion (US$ 200 million) and is capable of producing 375,000 metric tons of phosphoric acid. This quantity is deemed sufficient to meet the current and projected requirements of FFBL, that has first right on the production. The balance is for international sale.
The project commenced commercial operations in April 2008. It was formally inaugurated by King Mohamed VI of Morocco in October 2008. This is the first foreign direct investment by Fauji Foundation. It has the potential to attract reciprocal Moroccan investment in Pakistan.
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