Mosaic Company Joint venture With Maaden, Sabic Phosphate Production Facilities

Mosaic, Ma’aden, SABIC JV for phosphate facility in Saudi Arabia

5:42 AM, 7th August 2013
Mosaic Company Joint Venture
Jim Prokopanko, President and Chief Executive Officer, Mosaic.

PLYMOUTH, US: The Mosaic Company has entered into a shareholders’ agreement with Saudi Arabian Mining Company (Ma’aden) and Saudi Basic Industries Corporation (SABIC) to participate in integrated phosphate production facilities in the Kingdom of Saudi Arabia. Ma’aden, Mosaic and SABIC will own 60, 25 and 15 per cent of the joint venture, respectively.

The cost of project with 3.5 million tonne annual capacity is estimated to be $7 billion. The phosphate project will be built in the northern region of Saudi Arabia at Wa’ad Al-Shammal Minerals Industrial City, and in Ras Al Khair Minerals Industrial City which is located on the east coast of Saudi Arabia. Operations are expected to commence in late 2016.

“We are pleased with the progress on our joint venture with Ma’aden and SABIC. This cost-effective project will allow Mosaic to extend our ability to serve key growing agricultural markets. Our growing global reach further enables us to fulfill Mosaic’s mission, to help the world grow the food it needs, while delivering compelling shareholder value,” said Jim Prokopanko, President and Chief Executive Officer, Mosaic.

 

© Worldofchemicals News 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Asahi Glass to increase chlor-alkali capacity in Indonesia

TOKYO, JAPAN: Asahi Glass Co Ltd (AGC) will invest approximately ¥40 billion ($406 million) to significantly increase the production capacity of i ...

Read more
Foster Wheeler awarded Enterprise’s PDH unit contract in Texas, US

ZUG, SWITZERLAND: The Global Engineering and Construction Group subsidiary of Foster Wheeler AG has been awarded an engineering, procurement and const ...

Read more
Momentive, MicroBlend to establish JV company in Cali, Colombia

COLUMBUS, US: Momentive Specialty Chemicals Inc (MSC) and MicroBlend Inc have formed a new joint venture company located in Cali, Colombia. The new co ...

Read more
KBR bags crude oil refinery revamp contract in US

HOUSTON, US: KBR has secured an award to execute front-end engineering and design (FEED) for a crude oil refinery revamp project for one of the oldest ...

Read more
Versalis, Neville JV for hydrocarbon resins

SAN DONATO MILANESE, ITALY: Versalis (Eni) has signed a strategic partnership agreement with Neville Venture (joint venture of synthetic resins manufa ...

Read more
Research towards broad spectrum drugs for common infectious diseases

WASHINGTON DC, US: Scientists have reported that there is progress in the search for the first broad-spectrum drugs to combat human rhinoviruses (HRVs ...

Read more