RIYADH: Affirming its long-standing partnership with India, SABIC Agri-Nutrients has exported its first shipment of low-carbon ammonia to Asia’s second-largest economy, the Saudi Press Agency reported on Thursday.
The firm, 50.1 percent owned by Saudi Basic Industries Corp., shipped 5,000 metric tons of low-carbon ammonia to India, in line with its long-term cooperation with the Indian Farmers Fertilizer Cooperative.
India has vowed to achieve net-zero emissions by 2070, and the country is accelerating the use of renewable energy through various initiatives and programs.
Abdulrahman Shamsaddin, CEO of SABIC Agri-Nutrients, said that the first shipment of low-carbon ammonia will catalyze India’s journey to achieve its net-zero targets.
Meanwhile, SABIC CEO Abdulrahman Al-Fageeh said that the firm has a long-standing relationship with India.
“India is one of the most strategic countries for SABIC that we are looking for. We have been serving the Indian market for the last 40 years, and we have existing local sales and local production, as well as one of our biggest research and innovation centers in Bengaluru, India,” Al-Fageeh told Arab News on Thursday during a press conference to announce SABIC’s quarterly performance.
He added: “We have shipped low-carbon ammonia to the Indian market and our Indian customers. We have a lot of strategies that we are working (on) very closely in India. And hopefully, in the future, we are going to expand in a way that we could help and support our customers and industry in India.”
In 2022, SABIC Agri-Nutrients and Saudi Arabian Oil Co. obtained the world’s first independent certification for low-carbon ammonia and clean hydrogen production from TUV Rheinland, an independent agency in systems testing, inspection, and certification services based in Germany.
Earlier in May, SABIC Agri-Nutrients, in a bourse filing, revealed that its net profit dropped by 61 percent to SR981 million ($262 million) in the first quarter of 2023, from SR2.51 billion in the same period of 2022. The company attributed the fall in net profit to a 40 percent decline in the average selling prices of its products.
