Petrovietnam plans fertiliser venture in Morocco

HANOI, May 12 (Reuters) - State oil monopoly Petrovietnam's fertiliser unit PVFCCo DPM.HM plans to establish a joint venture with Morocco Office Cherifien des Phosphates (OCP) to invest in a fertiliser plant in Morocco.

The Vietnam News Agency on Monday quoted PVFCCo as saying it had signed a memorandum of understanding with OCP to jointly invest $600 million in the project, which is scheduled to be completed by 2011.

PVFCCo now operates Phu My Fertiliser plant with an annual capacity of 740,000 tonnes in southern Vietnam. (Reporting by Nguyen Nhat Lam, Editing by Jacqueline Wong)