BUSINESS Israel Chemicals sells potash to India's IPL company in estimated 914-mln-USD deal

BUSINESS

Israel Chemicals sells potash to India's IPL company in estimated 914-mln-USD deal

Xinhua

05:59, December 28, 2018

捕获.PNG

(Photo: Xinhua)

Israel Chemicals (ICL) company announced Thursday that it has signed a five-year deal to supply at least 3.15 million tons of potash to Indian Potash Limited (IPL) company, India's largest potash importer.

According to the agreement, ICL will supply IPL with 600,000 tons of potash per year in 2019-2020, and 650,000 tons per year in 2021-2023, with options for expanding the quantity.

IPL was founded in 1955 and is headquartered in the eastern coastal city of Chennai. The price of the potash it will pay will be determined according to the price in India at the relevant supply date.

At the end of last August, ICL signed an agreement to supply 550,000 tons of potash to another Indian customer at a price of 290 US dollars per ton - the price at which Belarus Potash company supplied potash to the Indian market a few days earlier.

Therefore, if the price of potash that ICL will provide IPL will be at least 290 US dollars, the total contract will reach about 914 million US dollars.


Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue