On December 28th, 2017, Mr. Feng Mingwei, Director and General Manager of Sinochem Fertilizer Macao Commercial Offshore Limited and Mr. Ken Seitz, President and Chief Executive Officer of Canpotex Limited confirmed and signed a new three-year (2018-2020) Memorandum of Understanding (MOU). According to the MOU, Sinofert will continue to be the exclusive agency for distributing Canadian red standard potash in China for the next three years. The MOU covers a total of around 3 million metric tonnes of potash, including red standard, white fine/standard and red granular grade. The price and other terms and conditions are to be determined by the Chinese seaborne potash import joint negotiation every year.
Sinofert and Canpotex are long-term strategic partners and starting from 1972, both companies have jointly made great contributions to increase China’s grain yield, improve the crop quality and guarantee China’s food security.
The new MOU marks the further strategic cooperation between the two sides. It will be conducive to the steady supply of potash in China and can also help to better satisfy the constantly increasing demand of Chinese agricultural production for potash.