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    Sulphur 422 Jan-Feb 2026

    29 January 2026

    Phosphate investment deal

    Phosphate investment deal

    Syria’s Geological and Mineral Resources Authority has signed an agreement with Teryaq, a subsidiary of Serbia’s Exlixir Group, aimed at exporting 1.5 million t/a of phosphate by the end of 2026. The agreement marks a significant step in Syria’s efforts to expand international partnerships and optimise its mineral resources for economic gain. Elixir Group owns the largest phosphoric acid plant in Europe and operates three fertilizer plants in Serbia.

    Syria’s Director-General of the Geological and Mineral Resources Authority, Siraj al-Hariri, told local media that the deal will cover the entire phosphate process, from exploration and extraction to export. The first phase aims to export 1.5 million tons of phosphate by 2026, with potential for further cooperation, including the establishment of phosphate processing plants tied to related industries.

    “This is the first step in entering global markets,” al-Hariri said, adding that Syria plans to ramp up phosphate production to 5 million t/a in the coming year, with the possibility of increasing output to 7 or 8 million t/a.

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    Ammonia values have continued to ease across most regions at the end of June, as the first ammonia vessels begin to exit the Gulf since the Iranian conflict began. Iranian ammonia had also begun to flow to India following the US Treasury’s issuance of a 60-day sanctions waiver on 22 June, allowing dollar-denominated trade in Iranian petrochemical products through 21 August. As a result, Indian bids have been heard as low as $750/t c.fr, as buyers benefit from a widening pool of available supply - Iranian, Chinese and renewed Southeast Asian material are all competing for the same business.