SABIC Agri-Nutrients Sends First Shipment of Sustainable Low-Carbon Ammonia to India

RIYADH: SABIC Agri-Nutrients affirms its partnership with India by exporting its first shipment of low-Carbon Ammonia to the country. The Saudi Basic Industries Corp-owned firm sent 5,000 metric tons of low-Carbon Ammonia to India as part of its long-term cooperation with the Indian Farmers Fertilizer Cooperative. This move is significant as India aims to achieve net-zero emissions by 2070 and is increasing its use of renewable energy through various programs.

India is all set to achieve its net-zero targets, and the first shipment of low-Carbon Ammonia is a major catalyst in this journey. SABIC Agri-Nutrients and Saudi Arabian Oil Co. achieved the remarkable feat of being awarded the world's initial independent certification for their endeavors in manufacturing low-Carbon Ammonia and environmentally friendly Hydrogen.

SABIC Agri-Nutrients reported a significant decline in its Q1 2023 net profit. In May, it was reported in a bourse filing that there was a notable decrease in the net profit for the corresponding time compared to the prior year. The net profit fell from SR2.51 billion to SR981 million, indicating a 61 percent drop. The company attributed this decline to a 40 percent decrease in the average selling prices of its products.