GulfBase Live Support
Saudi Arabian Mining Company (Ma'aden) will diversify its fertilizer portfolio and continue to work with foreign partners on new projects as feasibility studies into another phosphates plant progress, President and CEO, Khalid bin Saleh Al-Mudaifer revealed on Monday.
In an interview with GPCA Insight – the official quarterly newsletter of the Gulf Petrochemicals and Chemicals Association – the senior executive outlined his vision for the creation of innovative crop nutrients that will help meet the nutritional needs of the world’s fast-growing population.
Ahead of his speech at the eighth edition of the GPCA Fertilizer Convention in Bahrain from 26-28 September, Al-Mudaifer hailed the recent start-up of the $7.5bn, 3m-tonne/year Wa’ad Al Shamal fertilizer complex in the kingdom.
That state-of-the-art complex is a joint venture with Saudi Arabian Basic Industries Corporation (SABIC) and US fertilizer giant Mosaic, with a similar-sized facility proposed for 2024.
“As the world population and economy are growing and driving the need for more food production, Wa’ad Al Shamal will play an important role in meeting global demands for phosphate fertilizers,” he said.
“While we grow, the need to diversify our suite of products becomes stronger … [and] we need to increase our exposure to a bigger share of phosphate fertilizers to diversify our product portfolio, meet the demands of farmers, and mitigate our risk exposure.”
While acknowledging short-term overcapacity generated by projects like Wa’ad Al Shamal and several new plants at North African rival Office Cherifien des Phosphates (OCP), Al-Mudaifer is confident the global demand/supply balance will realign around 2021.
“The industry is seeing an overcapacity situation in the short term where new capacities are concentrated within just the next three to four years, and all are export oriented.
“However, we believe there will be a market balancing toward 2021. This is why we are contemplating our third project in the 2024 timeframe.
“Key markets in South Asia and Latin America and new markets like Africa will lead to a growth rate of about 1.5% between now and 2021.
“For instance, we see that the potential for fertilizer demand on existing arable land in East Africa could double.
“In fact, the application of fertilizers in a number of undeveloped markets will support near term growth.
“Longer term, the markets will respond to the increasing crop yields required to feed an increasingly wealthy and growing global population.”
The Middle East is a leading source of nitrogen fertilizers ammonia and urea, as well as downstream crop nutrients such as diammonium phosphate (DAP).
The Ma’aden Phosphate Company (MPC), an affiliate of Ma’aden, has been awarded the “Protect and Sustain Certification” from the International Fertilizer Association (IFA). The certificate was present
Zamil Industrial Investment Company (Zamil Industrial) has announced its consolidated interim financial results for the period ending 30 September 2017.
Revenues for the third quarter of 2017
Saudi Arabian Mining Co., the kingdom’s biggest metals producer, is looking to expand internationally through mergers and acquisitions, Chief Executive Offier Khaled Al Mudaifer said.
CB&I has announced it has entered into a Joint Development Agreement with Saudi Aramco that includes Chevron Lummus Global (CLG), CB&I's joint venture with Chevron U.S.A. Inc., for the development, c
Saudi Aramco, through its wholly-owned subsidiary Saudi Aramco Technologies, has today signed a three-party Joint Development Agreement (JDA) with CB&I, a U.S.-based leading provider of technology an
Saudi Aramco’s Chief Executive Amin Nasser said on Thursday that the initial public offering (IPO) of the state oil giant is still planned for the second half of 2018, but the government has not yet
Weeks of talks between UAE energy firm Dana Gas and some local holders of a disputed $700 million sukuk have failed to reach an agreement, sources told Reuters, leaving a potentially protracted legal
Hussein Sajwani, the Dubai billionaire with links to US President Donald Trump, said Wednesday he was ready to sell 15 percent of his stake at real estate giant Damac Properties. Established by Sajw