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ocp ceo interview

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    i think its meant to be 2000MAD as 2000 x 30million tonnes = 60 billion and its about 8.5 MAD to the US$

    at 2000 MAD = $235 US

    So it looks like thats the floor

    Happy Days

    New strategy to revamp Morocco's OCP

    The wind of change has started to blow in Morocco's leading phosphates exporter, the Office Cherifien des Phosphates (OCP). As part of its new strategy, the company, which has become a Limited company, plans an investment of MAD 20 billion.

    “It is a cultural revolution,” said the company's CEO, Mostapha Terrab, who has been called specially from America to take the reins of the state-owned company.

    The most important move he has made since his arrival at the head of the company is changing the age-old pricing policy.

    “We have anticipated a positive growth cycle, so we set an objective: selling at MAD 200 a tonne,” said Tarrab.

    The new policy seems to be paying off. The group's exports results in 2007 registered an increase of 63%, compared to 2006. Concerning the current year, the company expects the turnover to reach MAD 64 billion, a rise of 145%, relative to 2007.

    Now the Cherifian company has drawn up a new strategy, covering the coming seven years, that envisages the launching of a number of development projects.

    These projects include the construction of a pipeline to transport finished phosphate products, extracted from Khouribga, Youssoufia and Benguerir cites, towards Jorf Lasfar, OCP's CEO explained, during a press conference held on Friday.

    The MAD 20-billion strategy also provides for renewing the fleet of boats that transport phosphates and its derivative towards exterior markets, besides opening new mines and entering into ventures with international investors from Brazil, European Union, India, Libya and Pakistan.

    Earlier this year, the OCP signed a MoU with Vietnam's biggest fertilizer producer, PetroVietnam Fertilizer & Chemical Joint-Stock Co, to establish a fertiliser plant in Morocco. It also signed a USD 1 billion MoU with Libya-Africa Investment Portfolio to build three phosphate derivative plants.

    The Office also intends to participate in the distribution of fertilisers in the local market, in order to contribute to the fight against speculation. It has signed in this respect a convention with the ministry of agriculture, with view to easing this important product's prices in the national market.

    On this occasion, Terrab also announced that the company would externalise the retirement fund of its personnel. He stressed that this move is intended to better manage the fund, which has long been a source of problems.

    Set up in 1920, the Office Cherifien des Phosphates (OCP) is in charge of producing, cleaning, drying, and enriching phosphate products. It is the world's first exporter (28% of the global market) and third producer (20% of global production).

    Morocco is one of the world's largest phosphates producers with estimated reserves of 37 billion cubic meters.

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