February 20, 2011 / 5:13 PM / 9 years ago

Saudi Maaden-SABIC venture to export ammonia in March

JEDDAH, Feb 20 (Reuters) - Saudi Arabian Mining Co 1211.SE (Maaden) said on Sunday its diammonium phosphate (DAP) joint venture with Saudi Basic Industries Corp 2010.SE (SABIC) plans to export its first shipment of ammonia in March.

“Maaden announces that one of its affiliates, Maaden Phosphate, is preparing to export its first shipment of ammonia at the begining of March,” the firm said in a statement on the bourse statement.

SABIC owns 30 percent in the joint venture, while Maaden holds the remainder. It is slated to produce 3 million tonnes per year of DAP and 1.2 million tonnes per year of ammonia. (Reporting by Asma Alsharif; Editing by Firouz Sedarat)

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