Morocco’s Cherifien Phosphates Office (OCP) group achieved a record turnover of about MAD 114.5 billion during the year 2022, as a result of an increase in fertilizer prices in the global market.
According to the financial results issued by the office, the transaction number grew by about 36% compared to 2021, when the group achieved a figure of MAD 84.3 billion.
During the past year, the office completed investments of about MAD 20 billion, an increase of about 52% compared to 2021, when the figure did not exceed MAD 13.1 billion.
The phosphate sector benefited from higher global prices over the past year, as a result of increased input costs, supply chain disruptions, export restrictions and high global demand.
According to the data of the Exchange Office, the prices of phosphate-related products moved from MAD 4,775 per ton at the end of 2021 to MAD 8,326 per ton at the end of last year, an increase of more than double.
Phosphate is the first export sector in the Kingdom in years, followed by the automobile sector, then the agricultural and food industries sector, all of which contribute to supporting Morocco’s balance of hard currency.
The OCP Group contributed to pumping MAD 6.5 billion into the state treasury over the past year, exceeding the government’s expectations, which was only betting on MAD 5.4 billion.
The group intends to implement a new investment program worth MAD 130 billion for the period between 2023-2027, with the aim of increasing fertilizer production from 12 million tons currently to 20 million tons by 2027. It also includes expanding mining capacities, through the opening of a new mine in Meskala.
In addition, the Office is planning the creation of a new chemical and mining compound in to treat phosphate rocks from the Benguerir and Youssoufia mines and the new Meskala mine.
The group also plans to supply all its industrial facilities with green energy by 2027, based on wind, solar, hydroelectric and cogeneration energy.
This carbon-free energy will also enable the supply of new seawater desalination facilities to meet the group’s needs and provide drinking and irrigation water to the areas adjacent to its areas of operation.
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