Uralchem Group Signs a Memorandum with Rashtriya Chemicals and Fertilizers Limited, National Fertilizers Limited, and Indian Potash Limited for the Creation of a Joint Venture Urea Project in Russia

Uralchem JSC and three Indian fertiliser companies — Rashtriya Chemicals and Fertilizers Limited, National Fertilizers Limited, and Indian Potash Limited — signed a memorandum of understanding to set up a joint venture to construct a urea plant in Russia. The signing ceremony was held in New Delhi, India.

The annual capacity of the urea plant is expected to be in the range of 1.8-2 million tonnes. The agreed basis for the joint venture is the supply of ammonia produced by Togliattiazot JSC and the financing of the project by the Indian companies until the commencement of the plant’s commercial operation.

The technical parameters and financial viability of the project are currently under a detailed examination. The parties are also negotiating the corporate structure and governance approach in respect of the joint venture.

Dmitry Konyaev, Uralchem CEO:

India is a leading agricultural player globally and also one of the world’s biggest consumers of mineral fertilisers. For Uralchem Group, India has historically been a strategic market, and we are committed to expanding and deepening our cooperation with Indian partners. We welcome this memorandum, which is another step in the continuous development of our long-term and mutually beneficial relations.

Uralchem JSC (a part of the Uralchem Group) is one of the world’s largest producers and exporters of nitrogen and compound fertilisers. The Company’s production assets are located in Russia’s Kaliningrad Region, Kirov Region, Moscow Region and Perm Region.

Uralchem Group is a leading global producer of mineral fertilisers and chemical products. Its key assets include three major Russian companies — Uralchem JSC, Uralkali PJSC, and TOAZ JSC — with a cumulative production capacity of about 25 million tonnes. The number of people employed by the Uralchem Group is approximately 38,000.

Message source: Uralchem Group website