July 20, 2012

Belarus will not sell potash company's control

The country will not sell control in potash miner Belaruskali, Belarus President Alexander Lukashenko said on Tuesday (July 17), adding it was worth US$30-32 billion, news agency Interfax reported.

Russian potash miner Uralkali said in September it was interested in buying a controlling stake in Belaruskali, while noting at the time that the company was not for sale. Belaruskali and Uralkali together own the fertiliser company Belarusian Potash Company.

Lukashenko said in October that he was prepared to put a minority stake in the company up for international tender.

Belarus has long been under pressure to sell Belaruskali, which is among the world's top producers of the fertiliser ingredient, as it tries to recover from a financial crisis, which forced it to devalue its rouble last year.

Lukashenko also said that Belarus could review relations with Uralkali over the Belarusian Potash Company venture and that all matters should be resolved by September 1, without giving details.

Lukashenko's comments were made during a visit to Belaruskali, Interfax reported. Lukashenko said he had ordered a valuation to be made of the company, the report said. Russia's Prime Minister Dmitry Medvedev was scheduled to visit Belarus on Tuesday (July 17).