PhosAgro and Ma'aden Sign Landmark Memorandum of Understanding

06/10/2017 12:33 AST

PhosAgro and the Saudi Arabian Mining Company Ma'aden signed a landmark memorandum of understanding (MOU) on Thursday that will provide new impetus to the development of the global phosphate-based fertilizer industry. The agreement aims to contribute to the sustainable development of the companies, as well as to domestic and global food security by helping to secure the uninterrupted supply of safe and high-quality fertilizers to agricultural producers around the world.

Under the MOU, two of the world's leading phosphate-based fertilizer producers agreed to share best practices and knowledge related to technical aspects of production, environmental protection, and workplace health and safety, including from PhosAgro subsidiary NIUIF, which is Russia's only research and development institute for fertilizers and insectofungicides.

The parties will also undertake a number of measures to support their long-term sustainable development, including participation in a range of initiatives aimed at ensuring the reliability and stability of supply of phosphate-based fertilizers to agricultural producers worldwide.

The memorandum was signed as part of the state visit of His Majesty King Salman bin Abdulaziz Al Saud to the Russian Federation.

Both Ma'aden and PhosAgro are currently completing major development projects aimed at enabling them to increase production volumes of crop nutrients using efficient modern technologies. PhosAgro is due to launch its 760 ths tonne/year ammonia line and a 500 ths tonne/year granulated urea facility at PhosAgro-Cherepovets in the near future. Ma'aden has begun ramping up its phosphate-based fertilizer production capacity at its Waad al-Shamal facility.

Both companies are leading producers of phosphate-based fertilizers that are low in potentially harmful impurities like cadmium, and are commited to helping ensure that the mineral fertilizers used to grow plants all over the world contribute to safe and healthy food supplies for end consumers.

PhosAgro CEO Andrey Guryev said: "We welcome cooperation with another one of the world's leading producers of phosphate-based fertilizers. PhosAgro and Ma'aden both place great importance on sustainability and stability, both in terms of developing our businesses and in terms of the important role we play in supporting food security at the dometic and international levels. This landmark memorandum of understanding is an important achievement for both of our companies and will help, among other things, to ensure greater discipline to secure the stable supply of phosphate-based fertilizers to customers around the world."

Ma'aden President and CEO Eng. Khalid bin Saleh Al-Mudaifer said: "We are happy to cooperate with PhosAgro, and look forward to the opportunities that sharing knowledge and best practices can bring both of our companies. Like PhosAgro, Ma'aden is committed to ensuring discipline and stability in the supply of high-quality phosphate-based fertilizers. This will ultimately benefit all of our stakeholders, helping to enhance the sustainability of global food security."

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