Urea

Ref No: CD4855 January 2009

Ammonia & Urea Markets in Latin America
A Single-Client Report prepared for: YPFB

31 Mount Pleasant, London WC1X OAD Tel: +44 (0) 20 7903 2132 Fax: +44 (0) 20 7833 4973 Website: www.crugroup.com This report is supplied on a private and confidential basis to the customer. Its contents must not be disclosed to any other company, organisation or individual, nor bephotocopied or otherwise reproduced in whole or in part, without the prior written permission of CRU International. This report is delivered on the understanding that CRU International’s liability is limited to the provision of the professional services outlined in the contract for this report. Although every effort has been made to undertake this work with care and diligence, CRU International cannotguarantee the accuracy of any forecasts or assumptions or that the proposed investment will be successful. If the client uses our work in any information Memorandum or similar document for the purpose of raising funds, CRU International accepts no liability to third parties however arising and without limitation. ©CRU International Ltd, 2009. All rights reserved.

British Sulphur Consultantsconfidential

CD4855 Ammonia & Urea Markets in Latin America

Contents
Page Ammonia & Urea Markets in Latin America Ammonia & Urea Markets in Latin America 1. Latin American Agriculture & Nitrogen Demand 2. Latin American Nitrogen Consumption by Major Country 2.1 Argentina 2.2 Bolivia and Paraquay 2.3 Brazil 2.4 Chile 2.5 Colombia 2.6 Mexico 2.7 Peru 2.8 Uruguay 2.9 Venezuela 3. Latin American AmmoniaConsumption by Country 3.1 Cuba 3.2 Mexico 3.3 Trinidad 3.4 Argentina 3.5 Brazil 3.6 Chile 3.7 Colombia 3.8 Peru 3.9 Venezuela 4. Latin American Urea Consumption by Country 5. Latin American Ammonia & Urea Supply 5.1 Nitrogen Production & Capacity 5.2 Company Profiles of Major Nitrogen Players in Latin America 5.3 Latin American Nitrogen Capacity by Plant 6. Ammonia and Urea Capacity to 2027 6.1Short-Term Ammonia Capacity Changes between 2008 to 2012 6.2 Longer-Term Ammonia Capacity Changes to 2027 6.3 Short-Term Urea Capacity Changes between 2008 to 2012 6.4 Longer-Term Urea Capacity in 2027 7. Latin American Nitrogen Supply/Demand in Balance 7.1 Supply and Demand in Calendar Year 2007 7.2 Supply and Demand in Calendar Year 2012 7.3 Supply and Demand in Calendar Year 2017 7.4 Supply andDemand in Calendar Year 2027 1 1 2 5 6 8 8 10 11 12 12 13 14 15 16 17 17 17 17 18 18 18 18 19 20 21 22 24 26 26 27 28 29 32 32 34 35 36

British Sulphur Consultants confidential

CD4848 – Phosphate Fertilizer Producers

Contents continued
Page 8. Target Markets for Ammonia & Urea into Latin America 8.1 Major Buyers/Suppliers in 2007 8.2 Target Markets 8.3 Price Forecast for the major ammonia andurea suppliers into Latin America 9. Conclusions & Recommendations 9.1 Target Markets 9.2 Latin American Competitiveness 9.3 Conclusions 37 37 44 44 48 48 51 55

British Sulphur Consultants confidential

CD4848 – Phosphate Fertilizer Producers

List of Tables
Page Table 1: Estimate Harvested Acreage & Production in Latin America Table 2: Latin America’s Domestic Nitrogen Apparent ConsumptionTable 3: Argentina’s Domestic Nitrogen Consumption Table 4: Bolivia & Paraguay’s Domestic Nitrogen Consumption Table 5: Brazil’s Domestic Nitrogen Consumption Table 6: Chile’s Domestic Nitrogen Consumption Table 7: Colombia’s Domestic Nitrogen Consumption Table 8: Mexico’s Domestic Nitrogen Consumption Table 9: Peru’s Domestic Nitrogen Consumption Table 10: Uruguay’s Domestic Nitrogen ConsumptionTable 11: Venezuela’s Domestic Nitrogen Consumption Table 13: Latin America’s Apparent Consumption of Urea Table 14: Latin American Nitrogen Production in Calendar Year 2007 Table 15: Latin American Nitrogen Capacity Summary in 2007 Table 16: Nitrogen Capacity in Latin America in 2007: Plant List Table 17: Latin America’s Ammonia Capacity to 2027 Table 18: Latin America’s Urea Capacity to 2027...