PetroVietnam pulls back from Moroccan venture
PetroVietnam and PetroVietnam Fertiliser and Chemicals Corporation (PVFCCo) recently unveiled they would stop implementing a diamonium phosphate fertiliser production project in Morocco.
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That was because the project would yield low business efficiency with an estimated less than 9 per cent pretax internal rate of return. Besides, the Vietnamese partners had to accept stringent requirements and advance a huge sum for bidding procedures.
The project began feasibility studies in 2008. It reported a total investment capital of $1.5 billion and a designed annual production capacity of one million tonnes of diamonium phosphate fertiliser.
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