Arab Potash to Build New Plant in Jordan on Rising Global Demand
Arab Potash Co. (APOT) plans to build a new plant in Jordan, south of the Dead Sea, producing more potash to meet rising global demand, the official Petra news agency said, citing company Chairman Nabih Salameh.
The new plant, due to cost between 800 million dinars ($1.13 billion) and 1 billion dinars, will increase the company’s share of the world market from the 4 percent it currently has, he said. The Amman-based company’s main markets are in Asia, particularly India, China, Indonesia and Malaysia, he said.
Company sales rose 22.4 percent to 335 million dinars in the first half of the year, compared with 273.6 million dinars in the same period of 2010, he said. Production increased to 1.14 million tons in the first six months of 2011, up from 833,900 tons in the same period a year ago, Salameh said.
Net profit rose 82 percent to 128.7 million dinars in the first half of 2011, he said.
Among APC’s shareholders are Canada’s Potash Corp. of Saskatchewan Inc., which has a 27.96 percent stake, and the government of Jordan, which holds 26.88 percent of APC.
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