SABIC Agri-Nutrients Company (formerly Saudi Arabian Fertilizer Company - Safco) has announced that it has signed an MoU to explore potential collaboration opportunities with Maaden Integrated Fertilizer Company (MIFC), a key unit of Saudi mining giant Maaden.

|The non-binding deal is aimed at establishing a general framework for co-operation between the two parties in developing and investing in opportunities within the integrated value chain of Agri-nutrients, including the production and manufacturing of value-added products, said Sabic in its filing to Saudi bourse Tadawul.

The MoU is aligned with Sabic Agri-Nutrients Company’s 2040 strategy to expand its global leadership in the nitrogenous market and to strengthen its national and global agri-nutrients championship.

It shall remain valid for the period of three years, commencing from the date of its signing by the parties, it stated.

On the financial impact, Sabic said no such impact has been witnessed currently.

MIFC is a limited liability company wholly owned by Saudi Arabian Mining Company (Maaden). It serves as the holding entity for all subsidiaries within Maaden Phosphate business unit.