While no final decision has been reached in the debate over the taxation of APC, even in its more limited form the planned tax rise would make APC one of the most highly taxed potash producers in the world. That could harm the company’s ability to tap external credit and capital investment for future development projects, thus undermining the otherwise strong expansion prospects for an industry that is a vital producer of hard currency for Jordan.

Because of its strategic role as an employer and contributor to state revenues, and its substantial state and pan-Arab shareholder base, APC cannot be assessed as a purely commercial venture. The recent volatility in world markets also complicates any assessment of the company’s recent performance.

But taking the longer view, access to natural resources, a strong global market and investment funding should enable APC to maintain long-term profit growth, provided margins are not excessively squeezed by taxation.