Fertilizers
Overview
The fertilizer industry has seen dramatic changes in market dynamics, with challenges posed by policy and regulatory changes, political instability, conflicts and new macroeconomic realities. The drive towards energy transition and ambitious zero-carbon goals has also opened up the industry to new entrants and new opportunities.
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Egypt, Morocco H2 plans await stronger demand signals
Egypt, Morocco H2 plans await stronger demand signals
Rotterdam, 21 May (Argus) — Morocco and Egypt have been among north Africa's most prominent countries for renewable hydrogen and derivatives production, but with the majority of announced projects at early development stages market participants say stronger demand signals will be required for plans to move forward. High capital costs are often cited as a constraint for project developers setting their sights on emerging markets. But a lack of demand — rather than financing availability — is the primary barrier to project development in Morocco and Egypt, according to a report from the Green Hydrogen Organisation (GH2). While financial institutions have shown interest in funding projects, the "absence of revenue certainty remains the central issue" to make projects bankable, GH2 programme officer Simran Sinha said during an event on the sidelines of the World Hydrogen Summit in Rotterdam this week. GH2 spoke with 23 industry stakeholders in the two countries and "demand uncertainty always came first" when they listed their challenges, Sinha said. Morocco has taken steps to support developers. The government and the Moroccan Agency for Sustainable Energy (Masen) are facilitating access to land, infrastructure, governance frameworks and contracting pathways under its Moroccan offer launched in 2024 targeting large-scale hydrogen projects. Six projects are currently included, five of which remain at pre-FEED stage — but missing demand is stalling development, said Masen executive director Nawfal El Fadil. Clear and stable standards are also required, El Fadil said. Certification systems must be internationally aligned and remain consistent over a project's lifetime to support bankability. If conditions need to be adapted during the lifecycle of a project, it will not be bankable, he said. Egypt faces similar constraints. The country has established a regulatory framework, industry strategy, incentives and international agreements to support hydrogen development, according to Egyptian Petrochemicals Holding Company chairman Alaa El-Din Abdel Fattah. A contract awarded in 2024 under the H2Global programme to Fertiglobe for renewable ammonia exports from Egypt demonstrates the country's competitiveness, he said. But further demand signals are needed to move additional projects forward. Alongside demand uncertainty, gaps remain in financing tools and certification clarity, Fattah said. Stakeholders have proposed some measures to address these barriers. Because many projects in Egypt and Morocco target exports to Europe, bankability depends not only on domestic policy frameworks, but also on clear demand through mandates, subsidies or mechanisms such as carbon pricing in importing centres, GH2 said. Concessional and blended finance — special types of financing available for projects in developing countries — can help improve financing terms as project mature towards bankability; but these mechanisms alone are not enough to make projects bankable in early development stages when developers need to do feasibility studies and asses risk, GH2 said. Risk-sharing mechanisms could also support project progress. Developers currently bear a disproportionate share of early-stage project risk, which delays financing. "Financing is available, but it tends to enter too late, as no actor is willing or mandated to take the first risk," GH2 said. Further measures such as foreign exchange risk mitigation tools, contracts for difference (CfD) and more investments in common user infrastructure could also support investment, OECD's industry programme lead Deger Saygin said. By Pamela Machado Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran warns new US-Israeli strikes will broaden war
Iran warns new US-Israeli strikes will broaden war
Dubai, 20 May (Argus) — Iran's Islamic Revolutionary Guard Corps (IRGC) warned on Wednesday that any renewed US or Israeli strikes on the country would lead to a broadening of the war beyond the Mideast Gulf region. "If the aggression against Iran is repeated, the regional war that was promised will extend beyond the region this time, and our crushing blows will land you… in places you cannot imagine," the IRGC said. The threat comes in response to incendiary rhetoric aimed at Iran's leadership, even as diplomacy has been taking place since a ceasefire was agreed in early April. US president Donald Trump said on Monday that "serious negotiations are now taking place" but warned Tehran, again, that "the clock is ticking" and that Iran had "better get moving, FAST, or there won't be anything left of them." Trump also said he was ready to carry out a new attack on Iran on Tuesday, but decided to postpone it after an intervention from the leaders of Qatar, Saudi Arabia and the UAE. Around six weeks of intense US and Israeli bombing targeting key officials, facilities and infrastructure linked to Iran's leadership, military and energy caused significant damage, but largely failed to weaken the regime's grip on power. The strikes also prompted Tehran and the Iranian armed forces to effectively close the strait of Hormuz, which has dramatically disrupted the movement of commercial vessels through the key waterway ꟷ including crude, oil products and LNG tankers. This in turn forced several Mideast Gulf countries that depended heavily on the strait to export oil and LNG to shut-in meaningful amounts of production, putting upward pressure on commodity prices. Front-month Ice Brent futures are hovering above $110/bl, more than 50pc up from before the US and Israel launched their initial salvo on Iran on 28 February. These new threats show Washington and Tel Aviv "have not learned from the major and strategic defeats" of the past few weeks, the IRGC said, warning that Iranian retaliation for any new strikes would be more widespread and more intense. While the US and Israel "attacked us with all their capabilities [in the initial phase of the war]… we did not use all of our capabilities," the IRGC said. Trump said on Tuesday he had put off a "major attack for a little while… hopefully forever," after the Mideast Gulf leaders told him they felt "they are very close to making a deal [with Iran]." "If we can do that where there is no nuclear weapon going into the hands of Iran, and if [the Mideast Gulf countries] are satisfied, we will probably be satisfied also," Trump said. Iranian state broadcaster IRIB said on Wednesday that Pakistan's interior minister had arrived in Tehran for talks with unnamed Iranian officials. Pakistan has been acting as the primary mediator between Iran and the US, and hosted a first round of talks between the sides in Islamabad in April. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran launches maritime authority, insurance platform
Iran launches maritime authority, insurance platform
London, 19 May (Argus) — Iran has launched a new maritime authority to tighten its control over shipping in and around the strait of Hormuz. It has also introduced an insurance platform to provide cover for Iranian shipping and cargoes transiting the waterway. The Persian Gulf Strait Authority (PGSA) will manage navigation through the waterway, while the "Hormuz Safe" platform will offer "secure digital insurance for maritime cargo" for Iranian vessels transiting it. The PGSA will act as the legal authority representing Iran in managing transit through the strait, according to Iran's semi-official Fars news agency. Vessels intending to transit the waterway will receive rules and regulations from the authority and must obtain a permit to pass, state news agency Press TV said. Ships must comply with this framework. Passage without permission will be considered illegal, Fars reported. Iran claimed control of a broader area of the strait and surrounding waters on 4 May, from the western-most point of Iran's Qeshm Island to Umm al-Quwain on the UAE's west coast, and from Kuh Mobarak in Hormozgan province to southern Fujairah on the UAE's east coast. Separately, the Hormuz Safe platform will provide Iranian shipping companies and cargo owners with "fast, verifiable digital insurance", according to its web page. It will offer cover for cargoes in the Mideast Gulf and surrounding waterways, with payments settled in cryptocurrency. There is no indication that Hormuz Safe policies extend beyond Iranian ships and cargoes. Iran has launched the initiatives as geopolitical tension remains high in the Mideast Gulf. The US and Israel's war with Iran has involved strikes on shipping in and around the strait of Hormuz, pushing up western insurance costs and sharply reducing traffic through the waterway. A ceasefire is now in place, but the Iranian Revolutionary Guard Corps' tight control of the strait and a US naval blockade of Iranian ports continue to weigh on exports of oil, gas and other commodities from the region. Iran created an official PGSA account on social media platform X on 18 May to provide operational updates and developments related to shipping through the strait. By Leonard Fisher-Matthews Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Egypt’s NCIC issues fertilizers sales tender
Egypt’s NCIC issues fertilizers sales tender
London, 19 May (Argus) — Egyptian fertilizer producer NCIC has issued a tender to sell various fertilizers, closing on 21 May. NCIC is offering the following products: 20,000t of DAP — it reported selling 30,000-35,000t at up to $915-917/t fob Adabiya/Damietta in a tender that closed on 4 May 25,000t of SSP — it sold 20,000t at $340-375/t fob Ain Sokhna in its 27 April tender and offered 30,000t in its 4 May tender, but did not report a sale 15,000t of granular urea — it reported selling 25,000t at up to $865/t fob Adabiya in its 4 May tender 5,000t of CAN26 — it last sold 5,000t at up to $412/t fob in its 20 April tender 600t of water-soluble SOP — it reported selling 1,000t at up to $721/t bagged ex-works in its 4 May tender The DAP, SSP, urea and CAN will be sold on fob basis, and NCIC said they will be ready for loading at Damietta port in the Mediterranean. The SOP will be sold in 25kg bags on an ex-works basis from NCIC's Fayoum plant. Buyers are to load the cargoes within 37 days from receiving the invoice. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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