Saudi-India economic ties grow closer with mining agreement
Saudi Arabia is seeking to boost its mining sector, and India is a natural partner in this endeavor.
Saudi Arabia’s state-owned mining company has signed export agreements with four Indian chemical companies.
MA’ADEN signed an agreement to export phosphate products to Indian Potash Limited and Krishak Bharati Cooperative, as well as an agreement to export ammonia to Gujarat State Fertilizers & Chemicals Limited and Coromandel International Limited. The Saudi firm also pledged to work with Krishak Barati and Coromandel on product development, logistics and more, MA’ADEN said in a press release Thursday.
What is it? Phosphate comes from the related chemical phosphorus and is often used in fertilizer to help plants grow. Ammonia is a chemical that is also used for fertilizer. Some entities, such as the Abu Dhabi National Oil Company, are also exploring ammonia as an energy source.
Why it matters: Saudi Arabia is working to boost its mining sector, as per the Vision 2030 economic diversification initiative, which seeks to reduce oil dependence.
