Saudi Arabian Mining Company (Maaden) signed a contract with Bangladesh’s ministry of agriculture and state-owned Bangladesh Agricultural Development Corporation (BADC) to export diammonium phosphate (DAP) fertilizers during 2018-2019, Saudi Press Agency (SPA) reported.
The deal comes as part of Maaden’s phosphate fertilizers expansion plans, as the Kingdom’s exports to world markets are expected to reach about 6 million tons after the full operation of Waad Al Shamal project.
The project is likely to increase exports to 9 million tons in the future, putting the company among the world’s largest producers.
The mining company is keen to strengthen its cooperation with Bangladesh and build long-term business relations with it, said Khalid Al-Rewis, Maaden’s acting chief executive officer.
Waad Al Shamal plant is 60 percent owned by Maaden, 25 percent by US-based Mosaic Co. and 15 percent by Saudi Basic Industries Corporation (SABIC).
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