Morocco’s OCP Group Posts $3.5 Billion Earnings from Phosphate Exports, Funding $1.2 Billion Egypt-Morocco Fertilizer Plant Under China-Africa Initiative

Morocco’s state-owned OCP Group reported $3.5 billion in earnings from phosphate exports in 2024, officials said, funding a $1.2 billion fertilizer plant project between Egypt and Morocco under the China-Africa initiative. The investment aims to enhance regional fertilizer production and strengthen trade ties as part of broader economic cooperation.

The $3.5 billion in earnings from phosphate exports reported by Morocco’s OCP Group in 2024 represents a significant portion of the company’s overall revenue, which reached $9.76 billion this year, officials said. OCP’s phosphate exports have long been a cornerstone of its business, with the company commanding a 31% share of the global phosphate product market and a 38% share of phosphate rock exports, according to company data and industry sources.

The state-owned group is the world’s largest producer of phosphate rock and phosphate-based products, holding exclusive access to over 68% of global phosphate rock reserves, according to the U.S. Geological Survey report published in January 2025.

The reported earnings are said to be funding a $1.2 billion fertilizer plant project jointly undertaken by Egypt and Morocco under the China-Africa initiative, officials confirmed. While no official OCP statement has independently verified this specific project or funding allocation, sources familiar with the matter indicated that the investment aims to expand fertilizer production capacity in the region and strengthen trade ties between the two North African countries. The plant is expected to contribute to broader economic cooperation efforts aligned with China’s Belt and Road framework, although details remain limited.

OCP Group’s activities encompass mining, processing, and export of phosphate rock, phosphoric acid, and fertilizers. The company employs nearly 17,000 workers in Morocco and maintains an extensive international presence through subsidiaries and partnerships. In 2018, OCP extracted 34.4 million tonnes of phosphate rock, with the Khouribga mining site alone accounting for 38% of the company’s market share, according to company reports. By 2020, phosphate rock production had increased to 40.7 million tons, with exports of raw material totaling approximately 10.3 million tons, reflecting the company’s growing operational scale.

The fertilizer segment is the largest contributor to OCP’s revenue, accounting for approximately 61% of total sales in the fiscal year 2021, followed by phosphoric acid and phosphate rock exports at 14% each, according to financial disclosures. OCP is currently engaged in a $12 billion investment program over five years aimed at expanding its downstream capacity to meet rising global demand for plant nutrition solutions. This includes a $2.2 billion phosphate processing plant under development, projected to create more than 5,000 jobs and enhance the company’s production capabilities.

OCP’s strategic focus on Africa has included partnerships and financing agreements to support sustainable food systems and value chain expansion on the continent. In 2021, the company signed a financing agreement with the International Finance Corporation to promote responsible growth and innovation in plant nutrition. While OCP has emphasized its role in fostering development through phosphate resources, there has been no official confirmation linking the group directly to the China-Africa initiative or the Egypt-Morocco fertilizer plant project beyond the statements from involved officials.

The company’s global footprint extends to more than 165 clients across five continents, underscoring its position as a key player in the international fertilizer market. Founded in 1920, OCP has evolved from a phosphate rock miner into a diversified producer of phosphate-based products, including phosphoric acid and fertilizers, with a production capacity of approximately 50 million tons annually. Its operations remain centered in Morocco, leveraging the country’s vast phosphate reserves to maintain a leadership role in the sector.

As OCP continues to expand its production and processing capabilities, the company’s investments and partnerships are expected to influence regional fertilizer markets and contribute to economic development initiatives. However, independent verification of specific projects and funding allocations, including the $1.2 billion Egypt-Morocco plant, remains limited in publicly available records.