Moroccan state-owned phosphates and fertilizer company OCP plans to invest $7 billion in a new ammonia plant using green hydrogen produced from renewable fuel, and experts say the project will be crucial in helping the North African country achieve agricultural self-sufficiency.
Ammonia has many uses: It helps to make fertilizers, plastics, pharmaceuticals and even explosives.
OCP is a major player in the ammonia market and uses the compound to make fertilizers by generating ammonium phosphate. The company holds 31% of the global market share for phosphates and produces 37.6 million of phosphate rock a year. Last year, OCP's turnover was $11.28 billion, with much of the money being made from exports.
The state-run company is also one of the world’s largest importers of ammonia, spending $2 billion on it last year after the Russian invasion of Ukraine increased global prices, which have since settled as the market stabilized.
