AGRINURTURE, Inc. (ANI) signed a $37.6-million supply deal with Beijing-based conglomerate SinoChem.
In a statement, the listed company said SinoChem will supply affordable fertilizers to ANI, as well as buy tropical fruits from ANI’s contract growers for the next three years.
The agreement, which was signed by ANI President, CEO and Chairman Antonio L. Tiu and SinoChem General Manager Cui Yan, is expected to give the Philippine company greater market access to China.
A state-owned company founded in 1950, SinoChem is also one of China’s four largest state oil companies. Its other businesses are agriculture, chemicals, real estate and finance.
In September, ANI signed a $1-billion deal with Vietnam Southern Food Corp. (Vinafood II) to import 2 million metric tons (MT) of rice to the Philippines starting this year. — RJNI