PhosChem Announces Agreement With CNAMPGC to Extend Current Multiyear Contract Through 2005
The Phosphate Chemicals Export Association Inc. (PhosChem) announced it has agreed with China National Agricultural Means of Production Group Corporation (CNAMPGC) to extend the current multiyear contract through 2005. Under the terms of this agreement, PhosChem will supply CNAMPGC with up to 1.9 million metric tons of DAP, including a mutual option for 300,000 tons. The DAP will be shipped during calendar 2005 at prices reflecting the market at the time of shipment.
"I am pleased to report that including shipments requested in the current quarter, 2004 contract volumes will be achieved by CNAMPGC," said Steven H. Paxton, President of PhosChem. "Our two companies have enjoyed an excellent working relationship for many years and this extension continues the strategic alliance between PhosChem, the world's largest exporter of concentrated phosphates, and CNAMPGC, the largest distributor of crop nutrients in China."
PhosChem was founded in 1974 in accordance with the provisions of the Webb-Pomerene Act and is the exclusive export marketing association for its members. The Act was created to promote U.S. exports.
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