Arab News, Saturday, Aug 27, 2022 | Muharram 29, 1444
Ma’aden signs 4 MoUs to double phosphate fertilizer and ammonia exports to India
Saudi Arabia: Ma’aden, a Saudi-owned
mining company, signed four Memorandums of Understanding (MoUs) to double
exports of phosphate products and ammonia to India starting 2023, the Saudi
Press Agency (SPA) reported.
The agreements, signed with three Indian
fertilizer companies, seek to explore product and technology development
collaboration for phosphate fertilizers, specialty products, and logistics
solutions.
Saudi Arabia’s Minister of Industry and Mineral
Resources Bandar Alkhorayef and India’s Minister of Chemicals and Fertilizers
Dr. Mansukh Mandaviya attended the signing on Thursday.
Robert Wilt, CEO of Ma’aden, said the company
exported about 1.7 million tons of phosphate products and ammonia to the Indian
market annually.
“India is the largest import market for phosphate
and ammonia in the world, with steadily increasing demand. Due to the close
geographical proximity between our nations, Ma’aden is a natural partner for the
Indian market,” he said in a statement cited on SPA.
Wilt said the new agreements help expand the
company’s role in global food security and bolster the long-standing
relationship between Saudi Arabia and India.
Ma’aden’s mine-to-market phosphate business
consists of two mega plants in Saudi Arabia: Wa’ad Al Shamal Industrial Minerals
City in the Northern Borders province, and Ras Al Khair Industrial City on the
East coast.
It is developing a third large-scale phosphate
project called ‘Phosphate 3’, which aims to increase the company’s phosphate
fertilizer supply capacity by 3 million tons to 9 million tons over the coming
years.