India to import 50,000 tons of urea from Oman
India plans to import 50,000 tons of granulated urea from Oman during 2002 to supply south India. The two countries agreed to a buy-back agreement under which 100 percent production of granulated urea from the Oman-India Fertilizer Company (OMIFCO) would be imported by India.
The Sultanate is expected to supply approximately 120 billion Indian rupees ($2.47 billion) worth of granulated urea per annum to South India in three years time. The urea will come from the Oman-India Fertilizer Company (OMIFCO)’s new complex in Sur, Oman, reported the Indian Farmers Fertilizer Cooperative (IFFCO).
The cost of urea production is much lower in Oman compared to India. IFFCO holds a 25 percent share in the OMIFCO complex. Indian firm Krishak Bharati Cooperative also holds a 25 percent share and the Oman Oil Company holds the remaining 50 percent of the project’s shares.
The $780 million complex will be erected 150 kilometers south of Muscat. It will comprise of two 1,750 on-per-day ammonia plants, two 2,350 ton-per-day urea plants, two granulation units as well as associated utilities, off-sites and marine works. — (menareport.com)
© 2002 Mena Report (www.menareport.com)