Morocco's OCP plans $7 bln green ammonia plant to avert supply problems
A vehicle carries untreated phosphate after being dropped off on a mountain at a phosphate mine at Boucraa factory of the National Moroccan phosphate company situated in the southern provinces, 100 km southwest of the town of Laayoune February 18, 2016.
To offset supply problems, OCP has struck a deal to buy ammonia from North America this year, it said. Its plan to use hydrogen produced from solar-and-wind-powered electrolysis as a raw material to make ammonia is part of a $13 billion strategy the company announced in December to shift to renewable energy.
Its Tarfaya project involves a renewable-energy powered desalination plant with capacity of 60 million cubic meters a year to supply the industrial facilities.Last year, higher prices allowed OCP to record revenues of $11.29 bln, up 40% from 2021, and net profit was $4.9 billion, up 38%. Profits have fallen this year because of lower prices, but OCP expects them to recover in the second half.
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