King directs government to facilitate potash company’s projects in water, energy

Amman, Apr. 2 (Petra) His Majesty King Abdullah II on Tuesday directed the government to facilitate the Arab Potash company’s (APC) projects in water and energy, including solar power initiatives, to enhance competitiveness in global markets.

During a meeting with APC representatives at Al Husseiniya Palace attended by His Royal Highness Crown Prince Al Hussein bin Abdullah II, His Majesty commended the company’s development in line with its investment plan, which aligns with the Economic Modernisation Vision.

The King called for stepping up work on value added expansion and investment projects, as well as sustainable energy projects that are in line with Jordan’s environmental commitments.

His Majesty also stressed the need to prioritise sectors that add high value to the economy and generate jobs, urging the government and the APC to study prospects of cooperation and investment to develop the Risheh gas field after exploration activities conclude.

The King commended the APC’s efforts in recruiting competent employees, enhancing governance, expanding products, and tapping new markets.

For his part, Prime Minister Bisher Khasawneh said the government is working on supporting national industries, and investing in natural minerals across the country.

He added that the government recognises the need to create a suitable environment for the private sector, including the APC, to enable them to compete in global markets, highlighting mining as a key sector in the economic vision.

APC Chairman Shehadah Abu Hdaib said the company is a pillar of the Jordanian economy through its direct contribution to the state budget, which amounts to 65 percent of profit, adding that the APC and its affiliate companies are the largest employers in the industrial sector, noting the company’s partnership with the government.

The company’s president and CEO, Maen Nsour, reviewed performance indicators during (2014-2023), which saw an increase in production volume and sales.

On indicators during (2019-2023), Nsour said production volume reached 13.1 million tonnes, with net sales of $4.7 billion and a net profit of $2 billion, as well as a contribution of $7.3 billion to the foreign exchange reserves.

He noted that the company’s strategy during (2024-2028) focuses on innovation, research, and development, automation, and sustainability.

Future plans for the APC include expanding bromine production, expanding projects in the southern region, building an industrial complex in Aqaba, and increasing potash production by 35 percent through projects valued at $1.2 billion out of a total of investments worth $1.5 billion over the upcoming five years.

Director of the Office of His Majesty Jafar Hassan and Energy Minister Saleh Kharabsheh attended the meeting.

//Petra// AF

02/04/2024 21:52:44