Moscow, 12 April 2012 - PhosAgro (MICEX, RTS, LSE: PHOR) ("the Company"), a leading global vertically integrated phosphate-based fertilizer producer, announces that today that it has signed a contract with Nagarjuna, one of the leading manufacturers and suppliers of plant nutrients in India, to supply 600,000 tonnes of phosphate-based fertilizers through February 2013. The new contract includes an option to increase this tonnage by an additional 400,000 tonnes for delivery during that same period. Pricing is to be based on the benchmark Indian import price, CFR India. The parties agreed that the CFR India price for imported deliveries of DAP to India is the price agreed between Phoschem and major buyers in India, and for calculation of the NPK price, the price of MOP agreed between BPC and major buyers in India will be used.
PhosAgro CEO Maxim Volkov said: "We are happy to announce that we reached this agreement and are starting cooperation with one of the leading suppliers of fertilizers to Indian farmers. We found a suitable partner in Nagarjuna due to their consistency in supporting farmers through innovative and superior offerings. We look forward to continuing to supply the Indian market with our high-quality fertilizers to help Indian farmers to increase their yields and help the growing population of India meet their increasing demand for nutrition.”