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AMMAN Aug 3 Jordan's Arab Potash Company
, one of the world's largest producers of potash,
posted a 54 percent drop in half-year net profit to 43.2 million
dinars ($61 mln) due to higher energy costs and lower global
prices, the firm said on Sunday.
Sales fell 16 percent to 278 million dinars for the first
half of the year compared with the same period last year, the
firm said in a bourse statement.
Arab Potash said a deal it signed last year to buy natural
gas from 2016 from U.S.-based Noble Energy Inc's Tamar field
offshore from Israel from 2016 would substantially reduce its
It currently relies on more expensive heavy fuel oil to
operate its Dead Sea plants.
Potash Corp of Saskatchewan, the world's largest producer of
the fertilizer, owns 27.9 percent of Arab Potash. Several Arab
states, including Saudi Arabia and Kuwait, have minority
The firm's profits last year fell 34 percent to 131 million
dinars after high energy costs and weaker global prices hurt its
(Reporting by Suleiman Al-Khalidi; Editing by Hugh Lawson)