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China’s Asia-Potash plans to invest $1.6 billion in an integrated phosphate and fertiliser complex in Algeria, a report by Algerian news portal Elbilad said.
The industrial complex will process locally sourced phosphate to produce ammonia, urea, and compound fertilisers, using the North African Arab country's natural gas as feedstock, the report said.
Listed on the Shenzhen stock exchange, Asia-Potash International Investment (Guangzhou) focuses on potash mining, potash fertiliser production and sales, according to its stock exchange profile.
The Chinese company’s Vice President Zheng Youye presented the project details to Omar Rekache, Director General of the Algerian Investment Promotion Agency, the Elbilad report said, adding that the project will enhance Algeria’s phosphate beneficiation capacity and support its strategy of expanding value-added industries in mining and energy.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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