OREANDA-NEWS. December 14, 2011. Israel’s Haifa Chemicals is ready to invest in a USD 100 million mineral fertilizer production project in Belarus.

Haifa Chemicals CEO Nadav Shachar made a statement to that extent in a meeting with Belarusian premier Mikhail Myasnikovich Nov 21, the government’s press-service reports.

Belarus is interested in creating new capacities for production of potassium nitrate and attracting Israeli investor in the project, Myasnikovich said during the negotiations with Haifa Chemicals. “We view this project as promising and deserving of support. Yet it will be difficult to implement,” he said. The premier added that before the project is launched, there is a need to address the issue of provision of nitric acid. Grodno Azot does not produce it in sufficient volumes. “We have already started the construction of additional facilities. If we agree, we will need to decide on the development of capacity, output of ammonia and nitric acid, and address the issue of the use of hydrochloric acid,” Mikhail Myasnikovich said.

In turn, Nadav Shachar assured Haifa Chemicals was ready to invest in potassium nitrate production in Belarus. The official said that the total investment in the project will make up USD 100 million. “The company considers two scenarios for the implementation of the project. This is a hundred-percent investment in case we are the only investor and opening a joint venture in cooperation with one of the Belarusian companies,” Nadav Shachar said. It is expected that the annual turnover of the new company will make up USD 100 million. “We bring technologies and would like to unite them with the Belarusian natural resources in order to develop a new high-technology product, a fertilizer, which can make a good export item,” the official said.

Haifa Chemicals is an international corporation headquartered in Israel. It is part of the American Corporation “Trans Resources” and is a major world producer of potassium nitrate, plant nutrients and industrial chemicals. The company has two factories - in Israel and in France. Their aggregate output is 500,000 tonnes of potassium nitrate in the year. Haifa Chemicals operates 12 subsidiaries on five continents. The annual turnover reaches USD 650 million. The company also produces technical potassium nitrate for industrial needs.