Logo of Saudi Arabian Mining Co. (Maaden)
Saudi Arabian Mining Co. (Maaden) signed four memoranda of understanding (MoUs) with the largest Indian fertilizer companies.
This will contribute to doubling Maaden’s annual exports of phosphate and ammonia products to the Indian market, starting from 2023.
In addition, the MoUs aim to explore aspects of cooperation in the field of product and technology development in the fertilizer industry.
A MoU was signed with Indian Potash Ltd to supply phosphate products, and another one was concluded with Gujarat State Fertilizers & Chemicals Ltd to supply ammonia. Meanwhile, two MoUs were signed with Krishak Bharati Cooperative Ltd and Coromandel International Ltd to supply phosphate and ammonia products and discuss ways to enhance cooperation in various fields of growth and technical development of specialized products, agricultural engineering and logistical solutions.
Maaden CEO Robert Wilt said India is the largest market for importing phosphates and ammonia in the world, and is witnessing a steady increase in demand. He stressed that the geographical proximity between the two countries contributes to strengthening the close partnership between Maaden and the Indian market.
The Tadawul-listed company started to export fertilizers to India for the first time in 2011. It currently exports nearly 1.7 million tons of phosphate and ammonia products to the Indian market annually.
Maaden opened its first office in India in May 2020, with the aim of consolidating its commitment to the Indian market and keenness to be closer to its customers, Wilt said.
Comments
{{DisplayName}}
{{ElapsedTime}}