Uralchem and Ultramar have signed a memorandum on cooperation.
According to Uralchem, the parties agreed on the conditions of cooperation and partnership in respect of the port infrastructure development project that Ultramar is realizing in the port of Ust-Luga for handling dry mineral fertilizers.
In future, the project envisages building a multi-functional terminal with a potential capacity of up to 12 mn tons per annum.
According to Sergey Momtsemlidze, CEO of Uralchem, the additional volume of mineral fertilizers that Uralchem could redirect to Russian ports could be over 2 mn tons a year.
He added that reverting export from the ports of the Baltic republics to Russian ports would allow the company to cut transportation expenses.
Andrey Bonch-Bruevich, CEO of Ultramar, said that the deficit of port facilities for handling mineral fertilizers in the Russian North-West is estimated to make some 10 mn tons, while manufacturers expect export potential to grow since 2020.