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RUSSIA CONSIDERING UNITING ITS FERTILIZER INDUSTRY INTO ONE EXPORT TRADING COMPANY
Aug. 30, 2023
Bloomberg reports:
Moscow is assessing the possibility of establishing a unified trading company for fertilizer exports, Bloomberg reported on Monday citing sources close to the discussions.
According to the report, the proposed move will unite Russian fertilizer exporters under one entity, which would give the country more sway in global pricing, while the government will gain more control over fertilizer export revenues.
The idea was reportedly pitched last month by Dmitry Mazepin, founder of Russian fertilizer giant Uralchem. Over the past month, the proposal has been discussed between major fertilizer producers, Deputy Prime Minister Denis Manturov and Prime Minister Mikhail Mishustin. However, some fertilizer makers did not support the proposal, worried that it could be harmful for their business, Bloomberg sources claimed. The talks are reportedly in their early stages, and no decisions have been made.
Uralchem's press service denied any knowledge of the proposal. Government officials did not respond to media requests for comment.
Russia is the globe's largest fertilizer producer, covering roughly 15% of global consumption. Russian fertilizer exports were not directly targeted by Western sanctions placed on Moscow in connection with the conflict in Ukraine. However, restrictions have still affected deliveries, which plunged 15% year-on-year in 2022.
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