MOSCOW (MRC) -- Fertilizer Exchange (London, UK), the first blockchain-enabled, digital global platform specifically designed to trade physical fertilizer, has announced that it plans full commercial launch in the first quarter of 2021, said Chemweek.
The trading platform will help to modernize fertilizer supply chains, delivering "significant cost and time savings," Fertilizer Exchange says. The new platform lets buyers, sellers, and third parties trade fertilizer quickly and securely, Fertilizer Exchange says. It will be fully integrated with service providers and built on blockchain.
"Announcing this launch timetable is a huge step forward as we seek to modernize the global fertilizer trade,” says Phil Sunderland, general manager of Fertilizer Exchange. “We look forward to welcoming many global fertilizer sellers and buyers onto the platform in the coming weeks."
Misr Fertilizers Production Co. (Nasr City, Egypt), one of the world’s biggest producers of urea, says it looks forward “to seeing how the project develops and to see if it can add value to our already good distribution channels."
At launch, Fertilizer Exchange’s customers will have access to a number of embedded services in the platform including shipping, insurance, and inspection. Fertilizer Exchange has also announced that Direct Hedge (Hellerup, Denmark), one of the leading brokers in over-the-counter futures contracts for fertilizer, will offer users of the platform up-to-date pricing information on forward fertilizer contracts.
The fertilizer platform is being built by Fujitsu using the same technology it developed for Rice Exchange, a sister platform to Fertilizer Exchange. “It allows for price discovery, digital documentation, and smart contracts that reduce risk, increase transparency, and boost productivity,” Fertilizer Exchange says.
As per MRC, Saudi Basic Industries Corp (SABIC) said it had agreed to sell its agri-nutrients business to Saudi Arabia Fertilizers Co (SAFCO), in which it owns a 43% stake. SAFCO will finance the acquisition by issuing 59.4 million shares, valued at 10 riyals each, to SABIC, raising the fertilizer group’s overall share capital by 14.25% to 4.76 billion riyals (USD1.27 bln).
As MRC informed previously, in early November, 2020, SABIC announced that BOPP film based on the company’s certified circular PP from feedstock recycling of used plastics will be introduced in primary pet food brand packaging by Mars.
According to MRC's ScanPlast report, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, excluding producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.
MRC