Yara International, a Norway-based fertilizer maker, said it agreed to a broad deal with Moroccan phosphate provider OCP that includes the establishment of a 50-50 joint venture in Brazil. The joint venture will import OCP ‘ s phosphate rock to Brazil for processing by Yara into fertilizer and other products, Yara said, while the Moroccan group will also provide raw materials to Yara plants in Europe.
“OCP is committed to meet the growing global demand of fertilizers. We are pleased to build this partnership with Yara, which further consolidates our existing long-term relationship with Yara,” Mostafa Terrab, OCP’s chairman and chief executive, said in a statement.
Under the arrangement the Moroccan company will gain a 50-percent interest in Yara’s existing terminal and production plant in Rio Grande, Brazil.
Economy/Business
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