THREE RI COMPANIES TO SET UP PHOSPHATE ACID FACTORY IN MOROCCO
The Jakarta Post - December 1, 2007JAKARTA (Antara): Three Indonesian companies intend to invest US$500 million in the construction of a phosphate acid factory in Morocco, Indonesia's special envoy to the Middle East, Alwi Shihab, said.
Speaking to the press after a meeting Friday with President Susilo Bambang Yudhoyono at the State Palace, Alwi identified the three companies as PT Petrokimia Gresik, Medco Energi Corporation and the Bosowa Group.
The investment will be made under a bilateral investment cooperation scheme whereby Indonesia will import semi-finished phosphate acid from Morocco and the latter will invest in the construction of an ammonia plant in Indonesia, Alwi said, adding that the memorandum of understanding (MoU) for the deal wasexpected to be signed next year.
"It's a better way to meet our needs for phosphate acid than having to import the finished product while Morocco also needs ammonia," Alwi said.
He said he was also exploring the possibility of forging the same kind of investment cooperation with Egypt.
According to Alwi, other Middle East countries, such as Saudi Arabia and Qatar, also offered many investment opportunities for Indonesian companies. He cited construction company Waskita Karya, which had been asked to invest in a project to develop a housing complex and apartments worth US$1.5 million in Saudi Arabia, while another Indonesian construction company, PT Adhi Karya, had won a contract to build apartment towers in Qatar.(**)
Source: The Jakarta Post - www.thejakartapost.com