CORRECT: Report: Russia's Uralkali fails to create JV with Belaruskali in 2014

(Corrects paragraphs 2, 3 to say the companies succeeded in settling disputes)

MOSCOW, Aug 19 (PRIME) -- Russia’s fertilizer producer Uralkali cannot create a joint fertilizer trading venture with Belarusian Belaruskali, Bloomberg reported on Tuesday quoting Argus FMB Potash as saying.

However, the companies have settled the issues brought up in mid-2013, when Uralkali quit a joint trading venture with Belarusian company, changing the strategy to increasing volumes over prices and decreasing the prices for the supplies to lower than U.S. $300 per tonne from $400 per tonne.

In particular, the companies agreed on revenue distribution from cargo transshipments and demurrage, the agency said.

The Uralkali’s decision to quit the joint venture tore down the potash fertilizer market, as the prices fell by about 33% and the world’s companies of the sector lost billions of U.S. dollars. Belarus started criminal cases against several officials of the joint venture, including the then Uralkali CEO Vladislav Baumgertner.

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