MINSK, 28 February (BelTA) – OAO BelVEB Bank will lend up to €37.5 million to OOO Belkali-Migao for up to eight years for the sake of implementing an investment project, the bank's press service told BelTA.
Belkali-Migao is a joint venture established by the Belarusian fertilizer manufacturer Belaruskali and the Chinese company Migao Corporation Ltd. The investment project envisages the construction of a factory to make potassium nitrate at the industrial site of Belaruskali's fourth mine administration (phase one).
Belkali-Migao intends to start making a new kind of fertilizers in Belarus (potassium nitrate) using Migao Corporation's technology. Potassium nitrate is primarily used as a mineral fertilizer in agriculture. It is a premium product because it contains two basic elements to feed plants at once – nitrogen and potassium. It contains virtually no chlorine.
The project to build the potassium nitrate factory is being implemented as part of Belaruskali's business diversification program. It is designed to expand target markets, create new competitive advantages. Plans have been made to finish building the first stage by the end of 2019. The facility will be able to make 80,000 tonnes of potassium nitrate and 62,000 tonnes of granulated nitrogen-potassium fertilizers per year.
The public joint-stock company (OAO) Belaruskali is one of the world's largest producers and exporters of potash fertilizers. The company comprises four mine administrations, auxiliary and support divisions.
