Russia’s URALCHEM Group and Riga Commercial Port LLC (RTO) have finalized their joint venture agreement to build Riga Fertilizer Terminal. The new facility will handle transshipment consignments and also undertake short-term storage of bulk fertilizer.

The initial agreement was signed in 2009, with the port holding 51% of the equity and the private investor 49%. Between them they will invest more than €60 million. The first phase development of the terminal will have an annual capacity of two million tonnes.

From Riga, fertilizer will be shipped to South America, China, India, Europe and Australia, among others.