Morocco’s OCP Group to Halt Fertilizer Sales in US if Duty Imposed

Morocco’s OCP Group to Halt Fertilizer Sales in US if Duty Imposed
TT
20

Morocco’s OCP Group to Halt Fertilizer Sales in US if Duty Imposed

Morocco’s OCP Group to Halt Fertilizer Sales in US if Duty Imposed

Morocco’s OCP group have plans to halt fertilizer sales in the US if the Commerce Department decides to impose an anti-subsidy duty on its products, two senior group officials said on Friday.

The US Commerce Department last week said it had opened an investigation into whether producers of phosphate fertilizers in Morocco and Russia are receiving unfair subsidies.

The investigation was launched after a petition filed by Mosaic Co, a US-based rival fertilizer company, Reuters reported.

According to the officials, the group will challenge the petition, adding that their fertilizers do not receive any form of subsidy from the state.

Last year, US imports of phosphate fertilizers from Morocco were about $729 million, with Russia weighing in at about $299 million, the department said.

“In the unfortunate event of the imposition of a countervailing duty, OCP would be able to redirect its exports towards other markets,” one of the OCP officials said, asking not to be named.

OCP’s fertilizer exports hit 9 million tonnes last year, but a drop in international prices resulted in a 3% decrease in annual revenue to $5.5 billion.



Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
TT
20

Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

The heads of Russia's Gazprom and China's energy company CNPC discussed future Russian gas supplies to China during talks in Beijing, Gazprom said on Friday, as Moscow seeks stronger ties with the world's biggest energy consumer.

Russia, the holder of world's largest gas reserves, has diverted oil supplies from Europe to India and China since the start of the conflict in Ukraine in February 2022, Reuters said.

At the same time, Russia's diversification of pipeline natural gas from the European Union has been slow.

It started gas exports to China via the Power of Siberia pipeline in the end of 2019 and plans to reach the pipeline's annual exporting capacity of 38 billion cubic meters this year.

Russia and China have also agreed on exports of 10 bcm of gas from Russia's Pacific island of Sakhalin starting from 2027.

However, years of talks about the Power of Siberia 2 pipeline, which would ship 50 bcm of gas per year to China via Mongolia, have yet to be concluded as the two sides disagree over issues such as the gas price.

Russian President Vladimir Putin is set to travel to China in early September to participate in celebrations marking the anniversary of the victory over Japan in World War II.

The trip follows Chinese President Xi Jinping's visit to Moscow in May.