Centre signs long-term fertilisers import deal with Saudi Arabia

India and Saudi Arabia on Thursday signed a pact for an annual supply of 2.5 million tonnes of ammonia and DAP, NPK fertilisers for the next three years.

Announcing the development in a series of tweets, Chemicals and Fertilisers Minister Mansukh Mandaviya said Indian cooperative KRIBHCO has signed an agreement for investment in a new phosphate project of Saudi Arabia’s largest mining firm Ma’aden.

“With this, Indian companies have secured a 2.5 million tonnes annual supply of key raw materials like ammonia and finished fertilizers like DAP, NPKs for the next 3 years,” the minister tweeted.

A joint declaration was made to commit for the long-term supply of up to 1 million tonne of Di-ammonium phosphate (DAP) and NPKs per annum to KRIBHCO, he said.

The collaboration includes joint development in agronomy, logistics solutions and product development to support farmers of both India and Saudi Arabia.

The tie-up will add even more energy to India-Saudi Arabia friendship and benefit the hard-working Indian farmers, he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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