RIYADH: The Saudi Arabian Mining Co., known as Ma’aden, has signed four initial agreements aimed at doubling imports of its phosphate products and ammonia to India in 2023.
The Saudi company said it also plans to explore product and technology development collaboration for phosphate fertilizers, according to Trade Arabia.
“India is the largest import market for phosphate and ammonia in the world, with steadily increasing demand,” Ma’aden CEO Robert Wilt said.
The memorandums of understanding include an agreement with Indian Potash Co. to supply phosphate products and a deal to supply ammonia to Gujarat State Fertilizers and Chemicals.
The company also signed deals with Krishak Bharati Cooperative Co. and Coromandel International to supply phosphate products and ammonia and to pursue joint development of technology for specialty products, product development, agronomy and logistics solutions.
“Due to the close geographical proximity between our nations, Ma’aden is a natural partner for the Indian market,” Wilt added.
Ma’aden opened its first office in India in May 2020 and started exporting fertilizers to the South Asian country in 2011. It now exports around 1.7 million tons of phosphate products and ammonia annually.
