ICL signs five-year supply agreement with Indian Potash Limited.
International Resource News-December 28, 2018--ICL signs five-year supply agreement with Indian Potash Limited
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International Resource News - 28 December 2018
ICL (NYSE: ICL) (TASE: ICL), a global specialty minerals and specialty chemicals company, has signed a five-year supply agreement with Indian Potash Limited, India's largest importer of potash.
According to the contract, ICL is likely to supply IPL with 600,000 tonnes per annum in 2019 and 2020, increasing to 650,000 tonnes per year in 2021-2023, including options. Prices for the quantities to be provided under the framework agreement shall be determined in accordance with the prevailing market prices in India at the relevant date of supply.
Noam Goldstein, President of ICL's Potash division, said, 'This is the first time we have signed a long term agreement for the supply of potash in India, which represents a strategic market for ICL. We consider our company to be the most cost-competitive supplier to India due to, among other things, our geographical proximity which results in major logistical advantages, including lower transportation costs and reduced time-to-market compared to our competitors. Our agreement with IPL anchors ICL's relationship with the largest potash importer in India and, in parallel, solidifies our company's market position in India.'
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|Publication:||International Resource News (IRN)|
|Date:||Dec 28, 2018|
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