Washington- OCP, Morocco’s leading phosphate firm, is set to purchase Bunge’s, an agricultural firm, Bunge Maroc Phosphore S.A. (BMP) subdivision, according to Reuters.
OCP will be buying Bunge’s stake in their fertilizer joint venture—thereby acquiring 50 percent of BMP. Bunge, “a global agribusiness and food company,” alongside OCP, created BMP in order to broaden Morocco’s phosphate exports to South America. It has a production capacity of over 375,000 tons of phosphoric acid other derivative products per year.
The new deal is part of OCP’s larger investment program to improve infrastructure, boost output and diversify foreign investors. BMP will play a significant role in diversifying OCP’s business ventures.
