Saudi Arabian Mining Co. (Ma’aden), on Aug. 25 announced the signing of four Memorandums of Understanding (MOU) to seek to double Ma’aden’s exports of phosphate products and ammonia to India starting in 2023, with plans to explore product and technology development collaboration for phosphate fertilizers.
The MOUs include:
• An agreement with the Indian Potash Co. Ltd. to supply phosphate products.
• An agreement to supply ammonia to Gujarat State Fertilizers & Chemicals Ltd.
• Two agreements, with Krishak Bharati Cooperative Co. Ltd. (KRIBHCO) and Coromandel International Ltd., respectively, to supply phosphate products and ammonia, explore collaboration in multiple growth areas, and pursue joint development of technology for specialty products, product development, agronomy, and logistics solutions.
“India is the largest import market for phosphate and ammonia in the world, with steadily increasing demand,” said Ma’aden CEO Robert Wilt. “Due to the close geographical proximity between our nations, Ma’aden is a natural partner for the Indian market. We first started exporting fertilizers to India in 2011, and today we export about 1.7 million mt of phosphate products and ammonia to the Indian market annually. In May 2020, we opened our first office in India to reinforce our commitment to the country and be closer to our customers.
“As a leading global phosphate fertilizer producer and the largest phosphate fertilizer supplier to India, India is a strategically important market for Ma’aden. We aim to continue to invest in strengthening our relationship with Indian companies. These new agreements help expand our role in global food security and help bolster the long standing relationship between Saudi Arabia and India,” he added.
A separate report by the Press Trust of India (PTI) said the parties signed a three-year pact for an annual supply of 2.5 million mt of ammonia, DAP, and NPK, citing a tweet by Chemicals and Fertilisers Minister Mansukh Mandaviya. The tweets also reportedly said KRIBHCO signed an agreement for investment in a new phosphate project by Ma’aden.