The Belarusian Potash Company (BPC) has signed a contract for the supply of potash to India at $370 per ton.
A total of 900,000 tons of potash will be exported to Indian Potash Limited, the country's largest importer of the fertilizer, under the contract between April 2010 and March 2011, according to the BPC press office.
Accounting for more than 60 percent of the domestic potash market, Indian Potash Limited is a strategic partner for the Belarusian Potash Company in India, the press office said.
BPC Director General Uladzimir Nikalayenka described the contract as a considered decision reached as a result of "constructive talks" with the Indian company.
Mr. Nikalayenka expressed confidence that the deal would become another "milestone" in the recovery of the global potash industry.
Under a contract effective between July 2009 and March 2010, the BPC sold its potash to India at $460 per ton.
Founded in 2005 by Belarus’ Belaruskali and Russia’s Uralkali, the Belarusian Potash Company is said to control more than 30 percent of the world potash market. A 50-percent stake in the company belongs to Uralkali, 45 percent to Belaruskali and five percent to Belarusian Railroads. The BPC exports potash to Africa, Europe, India, China, the United States, the Pacific region, and Central and South America. It has offices in Beijing, New Delhi, Singapore, San Paolo and Chicago.