Arab Potash Co. said it signed contracts valued at $300 million to supply 575,000 metric tons of potash to Indian Potash Ltd. and Zuari Industries Ltd.
Amman-based Arab Potash signed a $200 million contract with Indian Potash Ltd. to ship 375,000 metrics tons in several shipments from this month until the end of March 2012, Arab Potash Chairman Nabih Salameh said in an interview in Amman today. The quantity can be increased by an additional 25,000 tons under terms of the contracts, he said.
Arab Potash also signed a $100 million contract with Zuari Industries Ltd. to supply it with 200,000 tons of potash, Salameh said.
“These are very important deals for us,” he said. “They will help us meet our target for selling 2.2 million tons of potash by the end of this year,” he said. The company’s major markets are in India and China, he said.
Arab Potash on July 9 signed a $145 million contract with Sinofert Holdings Ltd., China’s biggest fertilizer importer, to supply the Chinese market with 300,000 tons of potash this year.