The fallout from Russia’s invasion of Ukraine has been catastrophic for European nitrogen fertiliser companies.
The soaring prices of the natural gas that is their feedstock forced them to cut output by more than two-thirds at times last year. The war also disrupted the supply of fertiliser from Russia, the biggest exporter in the world.
But for Morocco’s OCP Group, the world’s largest phosphate fertiliser company, 2022 brought record earnings thanks to higher prices and profit margins. In the first nine months of last year, operating profit reached $3.65bn, up from $1.99bn for the same period in 2021.
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