Israel, China ink $ 235m potash deal

Updated: 2011-07-11 08:22


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JERUSALEM - Israel and China have signed a deal worth $235 million to provide Chinese fertilizer producers with 500,000 tons of potash in the second half of 2011, Israel Chemicals Ltd (ICL) said Sunday.

"Our agreements with Chinese customers for the second half of the year demonstrate our market position as an important provider of fertilizers to the large Chinese market," said ICL President and CEO Dani Chen in a company statement sent to Xinhua.

ICL officials said the Dead Sea's relative proximity to Chinese and Asian markets helped to close the deal. The agreement ups the price-per-ton by US$70 since the beginning of the year.

"We are proud to play a prominent role in increasing agricultural output and food production throughout the world, especially in markets with fast-growing populations, such as China, " Chen said.

ICL, the world's sixth largest potash producer, produces a range of bromine, magnesium chloride and sodium chloride products, the company said.