The Saudi Arabian Mining Company, Maaden, Thursday signed four memoranda of understanding with Indian fertilizer companies to supply phosphate and ammonia products, and to discuss ways to enhance joint cooperation in various fields of growth, technical development of specialized products, agricultural engineering and logistical solutions.
These agreements aim to contribute to doubling Maaden’s annual exports of phosphate and ammonia products to the Indian market starting from 2023.
The memorandums of understanding included an agreement with the Indian Potash Company Limited to supply phosphate products, and an agreement with the Gujarat Fertilizers and Chemicals Company Limited to supply ammonia, while the third and fourth agreements were signed with Krishak Bharati Cooperative Company Limited and Coromandel International Limited.
Maaden CEO Robert Welt, who signed the agreement with Mansukh Mandavia, Indian Minister of Chemicals and Fertilizers, said that India is the largest import market for phosphate and ammonia in the world and is witnessing a steady increase in demand.
Ma’aden today exports about 1.7 million tons of phosphate and ammonia products to the Indian market annually.
Ma’aden is currently developing a third phosphate project, the “Phosphate 3” project, which will contribute to enhancing Ma’aden’s ability to supply phosphate fertilizers by 3 million tons, with the aim of reaching a production capacity of 9 million tons in the coming years.