April 25, 2012

Brazil's Petrobras signs contract with mining firm on fertiliser imports' reduction

In order to reduce Brazil's dependency on fertilizer imports, lower costs and boost its agriculture competitiveness, the country must increase its fertiliser output, Brazil's President Dilma Rousseff said Monday (Apr 23) during the signing of a contract between Petrobras and Vale.

Mining giant, Vale signs contract for the leasing of oil giant Petrobas' Rosário do Catete potassium reserve in Sergipe state.

Vale's president Murilo Ferreira said that Rosário do Catete will be Brazil's largest potassium extraction plant and play a crucial role to reduce Brazil's dependency on imported fertilisers.

"Brazil imports 70% of its fertilisers and 90% of its potassium. We are currently the world's fourth largest fertiliser consumers", he remarked.

The contract between Vale and Petrobras, which holds the mine's exploration rights, is part of Vale's fertiliser expansion plan.