RDIF, PhosAgro and Saudi Arabian Mining Company to cooperate on joint investments in Russia and Saudi Arabia
Riyadh, October 14, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, PhosAgro, one of the world's leading producers of phosphate-containing fertilizers, and Saudi Arabian Mining Company (Ma’aden) have formed an investment cooperation partnership to develop and jointly implement projects in the Russian Federation and the Kingdom of Saudi Arabia.
The announcement was made today in presence of Russian President Vladimir Putin and King Salman bin Abdulaziz Al Saud of Saudi Arabia.
The partners have agreed to exchange ideas and expertise, production methods and processes to increase efficiency and reduce environmental impact, and also consider the possibility of implementing joint investment projects.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“The partnership between RDIF, PhosAgro and Ma’aden is aimed at working closely together to strengthen investment and technological exchange between Russia and Saudi Arabia. Each party to the agreement has unique expertise in various fields that will help to mutually enrich them. We plan to particularly focus on the development of green technologies, which will make production more eco-friendly and direct additional resources to new promising projects.”
Andrey Guryev, CEO of PJSC PhosAgro, noted:
“PhosAgro and Ma’aden’s sustainable development goals are the same: to guarantee access to high-quality and safe food for people all over the world. In the long run, this task can only be achieved if high-performance toxic-free phosphatic fertilizers are used that don’t harm human health or soil fertility. I am sure that the implementation of this cooperation agreement with support from RDIF which has extensive expertise gained over the years of working with partners from Saudi Arabia will lay a solid foundation for cooperation between the two leading global manufacturers of eco- friendly phosphorus fertilizers for the benefit of food security and the well-being of future generations”.
Darren Davis, President and CEO of Ma’aden, said:
“Our companies have enormous potential for cooperation, which includes the exchange of advanced production practices, support for promising scientific developments and investment cooperation. A particularly important goal – one that the sustainable development of the planet depends on – is to inform the public about the risks of using fertilizers with high levels of toxic impurities, so that farmers can make more informed decisions when choosing crop nutrients to grow food. The agreement that we signed will enable these two global leaders in the production of environmentally friendly fertilizers to specify the areas in which they can realize this potential and build close business ties that will benefit all stakeholders.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB1.5 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at rdif.ru>
PhosAgro is one of the world’s leading vertically integrated phosphate-based fertilizer producers in terms of production volumes of phosphate-based fertilizers and high-grade phosphate rock with a P2O5 content of 39% and higher. The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content of 39%, one of the leading producers of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe and Russia’s only producer of nepheline concentrate (according to the RAFP). PhosAgro’s main products include phosphate rock, fertilizers, feed phosphates, which are used by customers in 100 countries.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133