MOSCOW, August 5 (Itar-Tass) - Belarus’s potash giant Belaruskali said on Monday it planned to sell fertilizers through Qatar’s state-owned chemicals distributor Muntajat after its Russian partner Uralkali had withdrawn from their joint venture selling fertilizers on foreign markets.
The Belarusian news agency Belta said Belaruskali concluded a framework agreement with Qatar Chemical and Petrochemical Marketing and Distribution Company Muntajat on cooperation in fertilizer sales.
Qatar assured that Muntajat expressed readiness to sell up to 3 million tons of fertilizers produced by Belaruskali, which planned to enhance its presence in its foreign markets.
Belaruskali is one of the world’s biggest fertilizer producers. In 2013 its potash output is expected to grow to 11 million tons and in 2020 to 12.5 million tons.
Russia’s biggest potash producer Uralkali said last week it decided to withdraw from its joint venture with Belaruskali after the latter started independent sales of potash. Moreover, it announced its plans to increase its potash production to 10.5 million tons in 2013, 13 million tons in 2014 and 14 million tons in 2015. These statements caused a decline in shares of Uralkali and its biggest rivals - Potash Corp. of Saskatchewan Inc., Mosaic Co. and Israel Chemicals Ltd. - by 24% on the average, as investors supposed that the market would be flooded with fertilizers and demand would remain insufficient.