SABIC Boosts African Agri-nutrients Presence with ETG Stake
The agreement is part of SABIC Agri-Nutrients’ strategy to move closer to farmers and end-customers in global agri-nutrient markets. The Saudi petrochemicals group said the transaction is subject to obtaining the necessary regulatory approvals and will be financed by the company’s own resources in addition to bank facilities.
“This move will help us expand our footprint taking advantage of growth opportunities to keep up with expected developments and to position the company as a leading player in the global agri-nutrients industry with the best-in-class capabilities in manufacturing, operation, planning, marketing, sales, supply chain, technology and research, and aftermarket services,” said SABIC Agri-Nutrients’ CEO Abdulrahman Shamsaddin.
SABIC Agri-Nutrients, which is owned 50.1% by SABIC, was launched in 2020 with the aim of becoming “the national champion and a global leader in the agri-nutrients industry.” It was previously known as Saudi Arabian Fertilizer Company (SAFCO).
Author: Elaine Burridge, Freelance Journalist