Tag: EuroChem

Maire Group says that, in relation to its ongoing dispute with Russian EuroChem Group, its subsidiary Tecnimont has obtained immediately enforceable orders for conservatory measures to freeze assets of EuroChem Group for an amount of approximately €1.1 billion. These measures are based on the leave granted to Tecnimont by the ICC Arbitral Tribunal seated in London, to seize EuroChem’s assets in every country, totalling €1.1 billion. Further seizure requests are underway in several jurisdictions. The Arbitral Tribunal has also found that Tecnimont is entitled to apply to judicial authorities to obtain asset freeze measures against EuroChem Group’s assets worldwide, by way of security for the further potential damages caused by EuroChem Group’s recent unlawful legal actions undertaken in Russia.

EuroChem says that it expects the Phase III expansion project at its Karatau phosphate development in Kazakhstan to be onstream by 2026. In its Annual Report, EuroChem says that it signed an agreement with the China National Chemical Engineering Co. in May 2024 for the engineering, procurement, construction and commissioning of the chemical complex, and construction is now underway. The company says that it has also had state permits for the construction of additional sulphuric acid production, where the installation of large-capacity equipment is already underway and the first product is expected in 2026. The fertilizer plant is expected to have a capacity of around 1 million t/a, with a construction cost of $1.1 billion for the project. Phosphate reserves at Karatau are put at 41 million tonnes.

CRU’s Humphrey Knight visits EuroChem’s newly opened Serra do Salitre phosphate fertilizer complex in southern Brazil.