VCB to set up fertiliser complex

22nd May 2007

Venture Capital Bank (VCBank), an Islamic investment bank based in Bahrain, signed an agreement with Jordon Arab Fertilisers and Chemicals Company (JAFCCO) and a chemical fertiliser complex at White Valley in southern Jordan. 

Abdullatif Mohammad Janahi, chief executive officer and board member of VCB, said "We are pleased to announce that as a result of the distinguished relationship between the Kingdom of Bahrain an the Hashemite Kingdom of Jordan, as well as the continuous and sincere efforts of the partners in this new venture, the signing of a memorandum of understanding for the development of a fully integrated industrial complex."

He added: "We are also very pleased to announce the foundation of this relationship as it confirms VCB's objective of contributing to the growth of regional economies. Given the mineral resources available in Jordan and the quality of its human capital, we are excited to finalise the transaction and start production in order to satisfy regional market needs for these fertiliser products."

Janahi, Waleed Al Kurdi, JPMC chairman and CEO, and Khalid Manasrah, chairman of JAFCCO, signed a memo for the development of a fully integrated industrial complex in Jordan, specialised in the manufacturing of fertiliser and chemicals such as sulphate of potassium (80,000 metric tonnes per year), sulphuric acid (75,000 MT/year), technical-food grade phosphoric acid (22,000 MT/year) and calcium chloride (50,000 MT/year).