17 January 2013 10:17 [Source: ICIS news]
SINGAPORE (ICIS)--Israel's ICL has signed framework agreements to supply its customers in China with an aggregate 3.3m metric tonnes of potash over the next three years, the multinational fertilizer and specialty chemicals company said on Thursday.
The potash selling price for each semester will be set in line with prevailing market prices and arrangements in China, ICL said.
ICL Fertilizers has committed to deliver 660,000 metric tonnes of potash during the first half of 2013, the company said.
The majority of the potash that ICL sells to China is produced from Israel’s Dead Sea and exported through the Israel’s Red Sea Port of Eilat, giving them a logistical advantage for shipping potash to Southeast Asia compared with most of its competitors, the company added.
“The milestone accomplishments of these agreements, including our growing customer base in the Chinese market, our expanding basket of potash products sold in significant quantities and the multi-year terms of the contracts, all demonstrate our successful strategy aimed at reinforcing and deepening our positioning in the Chinese market,” Dani Chen, CEO of ICL Fertilizers said.
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