TEL AVIV, 27 December 2018 : ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals and specialty chemicals company has announced that it signed, for the first time, a five-year supply agreement with Indian Potash Limited (IPL), India's largest importer of potash.
According to the agreement, ICL is expected to supply IPL with 600,000 tonnes per year in 2019 and 2020, increasing to 650,000 tonnes per year in 2021-2023, including options. Prices for the quantities to be supplied under the framework agreement shall be determined in accordance with the prevailing market prices in India at the relevant date of supply.
The long-term agreement was signed by the parties in a ceremony held in New Delhi that was attended by Israel's Ambassador to India Dr. Ron Malka, IPL's Managing Director Dr. P.S. Gahlaut, ICL's CEO Raviv Zoller and additional ICL and IPL executives.
Noam Goldstein, President of ICL's Potash division, stated: "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."
ICL is a global specialty minerals and chemicals company operating bromine, potash and phosphate mineral value chains in a unique, integrated business model. It extracts raw materials from well-positioned mineral assets and utilizes technology and industrial know-how to add value for customers in key agricultural and industrial markets worldwide.
The company operations are divided into four business divisions: Industrial Products (bromine value chain and complementary business); Potash; Phosphate Solutions (P2O5 Chain); and Innovative Agro Solutions.