Business news

SOLIGORSK, 11 July (BelTA) – OAO Belaruskali will retain its position on the global potash market as long as it offers high-quality products at a competitive price, Chairman of the Council of the Republic of the National Assembly of Belarus Mikhail Myasnikovich said during his working visit to Minsk Oblast, BelTA has learned.

The head of the upper chamber of the Belarusian parliament said that he met with top managers and specialists of OAO Belaruskali on 8 July to discuss in detail the financial and economic status of the enterprise and sales issues arising from the volatility of the global market.

“The company is profit-making, even though the amount of its net profit today is 3.5 times lower than it was in 2015,” Mikhail Myasnikovich noted. “Certainly, there are objective reasons for this, and the fact that the company invests a portion of its revenue is one of them. This is a good decision, even in the context of the global decline in prices. By no means should the company stop developing. The offer on the global potash market exceeds the demand 1.5 times. We can keep our niche, which is 18-19% of the global sales, only if we offer high-quality products at a competitive price,” he emphasized.

The head of the Council of the Republic pointed out that the first stage of the construction of the Petrikov mining and processing factory is scheduled for commissioning in 2019. Once it reaches its designed capacity, the enterprise will produce 1.5 million tonnes of potassium chloride per annum. “The enterprise will have quite a high capacity. This will not only solve many industrial issues, but also create new jobs and promote the development of Petrikov District in the Polesye region that is industrially underdeveloped today. Therewith, it will solve problems related to the distribution of productive forces, employment and new technologies,” Mikhail Myasnikovich stressed.

OAO Belaruskali is implementing the investment project to build the Petrikov mining and processing factory using its own funds under decree No. 37 on the development of the Petrikov potash salt deposit. Mikhail Myasnikovich said that no serious obstacles have been encountered during its implementation. The official added that the construction of the Garlyk mining and processing factory in Turkmenistan also proceeds on schedule and is currently at its final stage.