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Saudi Arabian Mining Company (Maaden) is looking to double the export of phosphate products and ammonia to India from 2023 by signing four memorandums of understanding (MOUs) with Indian companies, the state-owned Saudi Press Agency (SPA) reported.
“India is the largest import market for phosphate and ammonia in the world,” said Maaden CEO Robert Wilt, adding the country is witnessing steady growth in demand.
Maaden’s annual phosphate products and ammonia exports to India stand at about 1.7 million tonnes.
The Saudi stock exchange-listed mining major is currently developing a third large-scale phosphate project that will increase its phosphate fertiliser production capacity by three million tonnes to nine million tonnes in coming years, the SPA report said.
The MOUs were signed Indian Potash Company, Gujarat State Fertilisers & Chemicals, Krishak Bharati Cooperative Company and Coromandel International.
Elsewhere, Indian broadcaster CNBC-TV18 reported that the Federal government issued new rules on Thursday that require all domestic fertiliser manufacturers to discontinue their own branding and sell only under a single brand name ‘Bharat.’
(Writing by P Deol; Editing by Anoop Menon)
