UPDATE 1-Belarus may revive potash cooperation with Uralkali (Reuters U.K. – June 23, 2016)


MINSK/MUMBAI – Belarus is considering cooperating with Russian potash producer Uralkali, it said on Thursday, the first sign the two sides might work together again since Uralkali broke off a potash alliance in 2013, triggering a fall in global prices.

Uralkali is the world’s biggest producer of potash, a widely used nutrient for crops, while state-controlled Belaruskali is the second largest.

“New Uralkali shareholders are coming to me every month saying: ‘accept us’. We are not against it – let’s unite, on our conditions,” Belarus President Alexander Lukashenko said at an event in Minsk.

“Let’s resume work and agree how much we will produce.” Lukashenko did not disclose his conditions. The previous joint venture was based in Minsk, that time a crucial condition for Belarus and the main concern for Uralkali.

Uralkali declined to comment. Its major shareholder, Uralchem, was not available for comment. The collapse of Uralkali’s joint venture with Belaruskali triggered a fall in global prices as competition between producers intensified. Prices have not yet fully recovered.

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