Canpotex to expand North America port operations

27 May 2008 21:38  [Source: ICIS news]

HOUSTON (ICIS news)--Canadian potash fertilizer exporter Canpotex plans to expand west coast shipping operations with a C$300m-500m ($300m-500m) project later this year, an official with one of the exporter’s member companies said on Tuesday.

Richard Downey, senior director of investor relations at Agrium - one of the three large Canadian producers of potash fertilizer that own Canpotex - said the company will decide later this year whether to expand its port facility in Vancouver or Washington State. The decision will be based on cost factors, he said.

“We’re all expanding capacity and there’s growing demand for potash in the world,” Downey said.

The other two companies that own Canpotex are Mosaic and Potash Corporation of Saskatchewan (PotashCorp).

All three companies have seen their market capitalisation grow rapidly over the past year as the global food crisis has placed a premium on potash fertilizer. Mosaic and PotashCorp have seen their values more than triple over the past 52 weeks, while Agrium’s market cap has more than doubled over the same time period.

Officials at Mosaic and PotashCorp did not have an immediate comment.

($1 = C$0.99)

To discuss issues facing the chemical industry go to ICIS connect

By: David Rosen
713-525-2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly