Thursday, February 22, 2024

South Korea to import Urea from Pakistan, could lead to $700 million worth export opportunity for Pakistan.

South Korea has expressed interest in buying urea from Pakistan, as urea supplies in the country have been disrupted by China’s recent restrictions on the export of urea and other fertilisers.

The South Korean Embassy summoned a delegation from Engro Fertilizers Limited to discuss the possibility of urea shipment to South Korea. Pakistan has a lot of potential to export urea and earn a lot of money in the process.

Imran Ahmed (CFO – Engro Fertilizers Limited) briefed the media after the meeting with Ambassador Suh Sangpyo and Counsellor (DCM) June Seo Park.

Pakistan was a net importer of urea until 2012, according to Imran Ahmed, because domestic manufacturers were unable to supply the country’s high urea demand.

The Fertilizer Policy of 2001, on the other hand, encouraged the domestic industry to spend Rs 162 billion in new plants and capacity expansions. As a result, Pakistan’s domestic production capacity expanded by about 2 million tonnes, allowing the country to achieve urea self-sufficiency while simultaneously creating excess capacity that may earn the country valuable foreign cash.

Related Articles

Latest Articles