Jordan Phosphate Mines buys out partner

Jordan Phosphate Mines Co (JPMC) has said that it has acquired the entire stake of the India-based Southern Petrochemical Industries Corp (SPIC) in the Indo-Jordan Chemicals Cp for $50.6m, Jordan Times has reported. The Indian-Jordanian venture, which was established in 1992, consists of a phosphoric acid plant with a production capacity of 700 tonnes per day and another plant producing 2,000 tonnes of sulphuric acid per day. The company is a three-party joint venture between SPIC, JPMC, which owned 34.8% of the subsidiary, and the Arab Investment Co of Saudi Arabia, which owns 13% of the venture.