India inks 3-year urea import deal with Omifco: Reports

Muscat – India has signed a three-year deal with Sur-based Oman India Fertiliser Company (Omifco) to import 1mn tonnes of urea a year, according to media reports.

The first shipment under the new agreement arrived on Wednesday at Mundra port in western India, sources said as reported by Reuters.

Omifco is an Oman-India joint venture which is owned 50 per cent by OQ Group and 25 per cent each by Indian Farmers Fertiliser Cooperative Ltd (Iffco) and Krishak Bharati Cooperative Ltd (Kribhco).

India’s previous 15-year urea import deal with Omifco lapsed in 2020. A fertiliser ministry spokesperson confirmed that a three-year deal with Omifco had been signed, the Reuters report said.

India imports about a third of its urea requirements. During April 2021-January 2022, the first 10 months of India’s current fiscal year, India produced 21mn tonnes of urea and imports were at about 7.2mn tonnes, India’s Fertiliser Minister Mansukh Mandaviy told lawmakers on Tuesday.