Saudi Arabia's largest mining company Ma'aden said it has joined forces with leading Russian fertilizer producer PhosAgro to support global food security through fertilizer industry development projects around the world.
The Russian Investment Fund has also signed the pact as a third party in bid to strengthen the areas of collaboration between the two companies.
This comes as part of an MoU which was signed during the visit of King Salman bin Abdulaziz to the Russian Federative Republic.
Under the agreement, Ma’aden and PhosAgro will also promote the exchange of technical expertise aimed at increasing efficiency in production and manufacturing quality through field site visits.
Additionally, the parties will collaborate to minimize any negative impact on the environment and expand the use of eco-friendly phosphate fertilizers globally, said the statement from Maaden.
The Russian Investment Fund will help facilitate opportunities for cooperation and strategic partnerships between the two parties, it added.
Ma'aden, together with its global partners, has launched industrial projects and manufacturing complexes, in the industrial cities of Ras Al Khair and Wa’ad Al Shamal where the current production capacity of phosphate fertilizers is 6.15 million tonne.
Ma'aden also recently announced its third phosphate fertilizer manufacturing complex, which will add 3 million tonne production capacity, placing the kingdom among the world's top three producers and exporters of phosphate fertilizers.
This will strengthen the kingdom’s position as a strategic player in promoting the stability of global food security.
Recently, the company acquired The Meridian African Group, which is a strategic move to build global distribution channels for fertilizer products.
This comes at a time when the company is establishing itself as one of the world's largest producers and exporters of phosphate fertilizers.
Ma’aden said it contributes to the fertilization of about 70 million hectares of grain-growing land, estimated to produce about 200 million tonne grain and enough to feed about 500 million people annually.
The export network of phosphate mineral products and derivatives extends to Asian countries, Australia, East Africa and South America, it added.-TradeArabia News Service