BASF said it has inked a contract with Eurochem, Moscow, Russia, to sell its fertilizer activities in Antwerp, Belgium. The company added that it also intends to dispose its 50% share of the joint venture PEC-Rhin in Ottmarsheim, France, to Eurochem.

The total transaction value is expected to be around €700 million. BASF plans to complete the transactions by the end of the first quarter of 2012.

PEC-Rhin, which produces CAN/AN fertilizers and the respective intermediates, ammonia and nitric acid, is a 50-50 joint venture with GPN, a member of the French Total group.

Dmitry Strezhnev, chief executive officer of EuroChem, stated, "With the acquisition of BASF's fertilizer complex in Antwerp, EuroChem will be gaining high-quality production assets with superior logistics that provide it with further geographical diversification and significantly improve its proximity to European customers. The same would be true for the 50% share of PEC-Rhin. This is in line with our strategy to increase our share in the global fertilizer industry through both organic expansion and targeted acquisitions."