AMMONIA

Table of Contents

I-A. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

• Study Reliability And Reporting Limitations I-1
• Disclaimers I-2
• Data Interpretation & Reporting Level I-2
• CAGR Disparities Between Historic & Current Data I-3
• Quantitative Techniques & Analytics I-3
• Product Definitions And Scope of Study I-3

I-B. INDUSTRY OVERVIEW & INTRODUCTION

• Nitrogenous Fertilizers Retain Supremacy I-5
• Ammonia: An Outline I-5

II. EXECUTIVE SUMMARY

1. Industry Overview II-1

• Consumption to Witness Modest Growth II-1
• Fertilizers Remains Key End-Use Segment II-1
• Urea Market Exceeds Overall Growth II-1
• Asia-Pacific: Largest in terms of Capacity and Production II-1
• Table 1: Global Ammonia Capacity in Thousand Metric Tons from 2000 through 2005 Across Various Regions - North America, Europe, Asia, Latin America, Africa, Former Soviet Union (Includes Corresponding Graph/Chart) II-2
• Table 2: Global Ammonia Capacity by Country/Company: 2002 - China, Former Soviet Union, Agrium, CFIndustries, Terra Industries, Farmland Industries Inc,PCS, Mississippi Chemicals, Koch Nitrogen, and Others (In %) (Includes Corresponding Graph/Chart) II-2
• Table 3: Ammonia Production by Country/Region in Thousand Metric Tons - Asia, North America, Western Europe, Central Europe, Latin America, Middle East &Africa, and Former Soviet Union: 2003 (Includes Corresponding Graph/Chart) II-3
• Table 4: World Production of Ammonia (In Metric Tons): 1990-2002 (Includes Corresponding Graph/Chart) II-3
• Table 5: Ammonia Production (in Thousand Metric Tons) of Major Countries and Share in Global Production for 2001 and 2002-China, India, United States, Russia, Indonesia, Ukraine, Canada, Trinidad and Tobago, Germany, Pakistan, Netherlands, Egypt, Saudi Arabia, Poland, France and Other countries (Includes Corresponding Graph/Chart) II-4
• Table 6: Ammonia Production (in Thousand Metric Tons)of Major Countries and Share in Global Production for2000-China, USA, India, Russia, Canada, Indonesia,Ukraine, Trinidad, Netherlands, Germany, Pakistan,Poland, Saudi Arabia, Egypt, Japan, Bangladesh andQatar (Includes corresponding Graph/Chart) II-4
• Rise in Demand to Drive Operating Levels II-5
• Katrina, Rita Tempers Down Production of Ammonia II-5
• Tight Supply of Ammonia in the Short TermAn Inevitable Predicament II-5
• Pricing Pattern II-5
• Table 7: Estimated Natural Gas Cost (in US$/MMBtu) Across Various Geographic Regions for 2003 - US, Western Europe, Trinidad, Ukraine, Argentina, Indonesia, Russia, Venezuela, Middle East and North Africa (Includes corresponding Graph/Chart) II-5
• Table 8: Estimated Natural Gas Cost (in US$/MMBtu) Across Various Geographic Regions for the year 2002 - India, China, US, Canada, Western Europe, Alaska, FSU, Middle East, Latin America and Indonesia/Malaysia (Includes corresponding Graph/Chart) II-6
• Issues and Trends in End Use Markets II-7
• China- Largest Ammonia Consuming Nation II-7
• Russian Fertilizers Producers Aim at Western Europe Markets II-7
• US Fertilizer Producers Struggle in World Markets II-7
• Issues Confronting Fluid Fertilizer Market II-7

2. Global Ammonia Trade II-8

• FSU Leads Exports Trade II-8
• Table 9: World Market for Ammonia (2004) - Exports in ' 000 Metric Tons by Region for Africa, Asia-Pacific, Central Europe, FSU, Latin America, Middle East, North America, and Western Europe II- 8
• Table 10: Ammonia Exports and Share (in %) Across Regions in 2000 in Thousand Metric Tons - North America, Asia, Western Europe, Eastern Europe, Central Europe, Latin America and Rest of World (Includes Corresponding Graph/Chart) II-8
• Table 11: Ammonia Production (in Thousand Metric Tons) of Major Countries and Percentage Exported in 2000-China, USA, India, Russia, Canada, Indonesia, Ukraine, Trinidad, Netherlands, Germany, Pakistan, Poland, Saudi Arabia, Egypt, Japan, Bangladesh and Qatar (Includes Corresponding Graph/Chart) II-9
• US Reliance on Imports II-9
• Table 12: World Market for Ammonia (2004) - Imports in ' 000 Metric Tons by Region for Africa, Asia, Central Europe, FSU, Latin America, Middle East, North America, and Western Europe (Includes Corresponding Graph/Chart) II-10
• Table 13: Leading Ammonia Importing Countries in 2000 in Thousand Metric Tons-USA, India, Korea, Turkey, France, Spain, Taiwan, Belgium, Morocco, Italy, Finland, Norway, Sweden, UK and Denmark (Includes Corresponding Graph/Chart) II-10

3. Product Overview II-11

• Product Definition II-11
• Ammonia Applications II-11
• Table 14: Worldwide Urea Capacity by Region/ Country: 2000 & 2004 (In %) - North America, Europe, Asia, Latin America, Former Soviet Union and Africa (Includes corresponding Graph/Chart) II-12
• Table 15: Worldwide Ammonium Nitrate Capacity by Region/Country: 2000 & 2004 (In %) - North America, Europe, Asia, Latin America, Former Soviet Union and Africa (Includes Corresponding Graph/Chart) II-12
• End-Use Analysis II-13
• Fertilizers II-13
• Urea Fertilizer II-13
• Ammonium Phosphate Fertilizer II-13
• Ammonium Nitrate Fertilizer II-14
• Ammonium Sulfate Fertilizer II-14
• Nitric Acid Chemical II-14
• Acrylonitrile II-15
• Regulatory Environment II-15
• European Union Proposes Major Reduction in the Emission of Ammonia and Other Chemicals Oxide II-15
• Technology Developments and New End-Use Applications II-15
• Ammonia as Refrigerant in Modern Microchannel Tube Technology II-15
• New Low Temperature and Low Pressure Catalyst II-15
• Production of Ammonia through Waste Plastics by Showa Denko II-16
• Wahlco Inc and Hamon Research-Cottrell Inc Market A New Ammonia Generation Process II-16

4. Recent Industry Activity II-17

• KBR to Build Egypt' s New Ammonia Plant II-17
• Anhui Huainan Expands Ammonia Capacity II-17
• Yara Divests Ammonia Assets to BW Gas II-17
• US Syngas to Build 1.3 Million MT Ammonia Plant for Mosaic II-17
• Yara Begins Ammonia Production in Australia II-17
• Cherokee Nitrogen Resumes Ammonia Production at its Alabama Plant II-18
• Acron Receives Mineral Fertilizers Tender in Belarus II-18
• Agrium to acquire Pursell Technologies II-18
• Agrium Acquires Nu-Gro Fertilizer Technology II-18
• CF Industries' Joint Venture to Develop Nitrogen Fertilizer Facility II-18
• Kemira GrowHow Takes Control of Rozenburg Ammonia Terminal II-18
• Agrium Takes Over Distribution Assets of Imperial Oil II-19
• Yara and Uhde Sign Global Technology Licensing Agreements II-19
• Kingboard Chemical Holdings Constructs a Chemical Plant II-19
• Agrium Australia to Construct a World-Class Ammonia and Urea Plant II-19
• Burrup Fertilisers to Establish Ammonia Plant II-19
• Dampier Nitrogen Plans to Construct Urea and Ammonia Plant II-19
• Other Major Ammonia Plant Construction Initiatives II-19
• Terra Industries Acquires Mississippi Chemical Corp. II-20
• IMC Global and Cargill Crop Nutrition Merge to Form The Mosaic Company II-20
• Koch Nitrogen Acquires Additional Stake in CNC II-20
• Rentech Plans to Purchase Royster-Clark' s Ammonia Plant II-20
• Air Products Mulls of a New Ammonia Distillation Plant II-20
• Indo-Gulf Fertilizers to Expand Plant Capacity II-20
• Norsk Hydro Spins Off its Industrial Gases and Fertilizers Business II-21
• Seco Fertilisants Constructs Ammonia Storage Facility II-21
• Mitsubishi Chemicals Announces the Spin Off its Ammonia Business to its Subsidiary II-21
• Koch Acquires Farmland' s Fertilizer Business II-21
• Methanex Purchases Pacific Ammonia Inc.' s AmmoniaPlant II-21
• Mississippi Chemical Signs Agreement with Koch Nitrogen II-21
• LaRoche Acquires Western Farm Service II-21
• Koch Nitrogen to Acquire Stake in Nitrogen 2000 Plant II-22
• Mississippi Chemical and Farmland Join Hands II-22
• Hydro Agri Signs Long Term Ammonia Purchase Agreement with Burrup Fertilizers II-22
• Mississippi Chemical Streamlines Ammonia Production II-22
• Dampier Nitrogen Confirms New Ammonia/Urea Plant Construction II-22
• IFFCO Closes Urea Unit; Expands Ammonia Production II-22
• Engro Chemical Pakistan and Oman Oil Co. Join Forces II-23
• El Paso Energy Purchases Coastal Corp. II-23
• Akron to Buy Stake in Shandong Chemical Fertilizers, China II-23
• Wahlco Bags US $1 Million Contract II-23
• Terra Concludes Long Term Supply Agreements II-23
• Shiraz Petrochemicals of Iran and Hindustan Lever Chemicals of India Award Ammonia Storage Order to Uhde II-23
• Kawasaki Heavy Industries and Tomen Secure Engineering Contract II-24
• Iranian Firm Bags Ammonia Contract of NPC II-24
• Uhde Secures Government Contract II-24
• Technip-Coflexip and Snamprogetti Bag Oman India Fertilizer Contract II-24
• Ammonia Unit in Trinidad Comes On Stream II-24
• Shanxi Fengxi Fertilizer Group Co. Sets Ammonia and Urea Plants On stream II-24
• Vietnam Chemical to Invest in New Projects II-25
• China National Offshore Oil Establishes New Ammonia Facility II-25
• Air Products Builds High-Purity Ammonia Unit II-25
• Mississippi Chemical Closes Joint Venture Ammonia Plant II-25
• Potash Corp of Saskatchewan Closes Ammonia Plant II-25
• Grande Paroisse to Shut Down Ammonia Plant II-25
• Consortium Formed to Study Ammonia/Urea Plant Feasibility II-25
• Burrup Fertilizers Pty Ltd Gains Environmental Approval II-26
• Togliattiazot Corporation and Zhanjiang Join Forces II-26
• Foster Wheeler Acquires Marketing Rights from Lurgi Lentjes Bischoff GmbH II-26
• Uhde India Bags Contract from Asian Bintulu Fertilizers II-26
• Qatar Awards Ammonia/Urea Facility Expansion Contract to Krupp Uhde II-26
• Al Jubail Fertilizer Plans to Expand Ammonia Capacity at Samad II-27
• Krupp Uhde and Synetix Join in Capacity Expansion Program II-27
• LaRoche Industries Increases Aqua Ammonia Facilities Capacity II-27
• Chongqing Fuling Chemical Industrial to Construct NPK Fertilizer,MAP, Sulfuric Acid and Ammonia Plants in China II-27
• DuPont Shuts Ammonia Plant in Texas II-27
• Terra Industries Discontinues Production in North American Facilities II-27
• Cytec Industries Closes Ammonia Plant in Wageman II-27
• Farmland Industries Inc Shuts Down Ammonia Plant Indefinitely II-27
• Agrium and Terra Industries Stop Ammonium Production Operations II-28
• Hefei Sifang Sets Ammonia Plant On Stream II-28
• Profertil Starts Production of Ammonia and Urea Plant in Bahia Blanca II-28
• Doljchim Craiova Restarts Ammonia Production II-28
• China Offshore Petrochemical Constructs Urea/Ammonia Plant at Dongfang City II-28
• Zhonghai Petrochemical Oil Corp. to Construct Urea Plant and Ammonia Plant at Dongfang, China II-28
• Vietnam Ammonia and Urea Complex in Ba Ria Vung Tau Gets Approval II-29
• Fritz Werner Industrie Ausruestungen, Germany; Transammonia, US; and Asmidal, Algeria in Joint Venture Deal II-29
• BHP Calls Off South Australian Venture II-29
• Hamon Research-Cottrell and EC & C Technologies Sign Licensing Agreement II-29
• Interkhimprom Signs Agreement with BASF II-29
• Ammonia Casale Bags Contract from Al Jubail Fertilizer II-29
• Toyo Bags Ammonia Plant Expansion and Renovation Contract II-29
• Koch Nitrogen Signs Contract with Edison Mission Energy Homer City Generation LP II-30
• Toyo Engineering (Japan) Bags Saudi Basic Industries Contract II-30
• Agrium Closes Ammonia Plant at Redwater, Alberta II-30
• PCS Closes Ammonia Plants of PCS Nitrogen Trinidad Subsidiary II-30
• Xinjiang Zepu Chemical Fertilizers Expands Urea and Ammonia Plants II-30
• Shaanxi Shaanhua Chemical Fertilizer Co Expands Plant Capacity II-30
• Mangalore Chemicals & Fertilizers Restarts Ammonia and Urea Plant Production II-30
• Nanjing Chemical Industries Corp Starts New Urea/Ammonia Plant II-31
• Rashtriya Chemicals & Fertilizers Starts Renovated Plant II-31
• Deepak Fertilizers and Petrochemicals Corporation' s First Overseas Venture II-31
• Gujarat State Fertilizers & Chemicals Commissions Ammonia Plant II-31
• Russian Fertilizer Major Forms Holding Company II-31
• Unocal Corp. Divests Agricultural Products Business II-31
• Mississippi Chemical Curtails Ammonia Production II-31
• Patent Awarded to Wahlco' s Ammonia Conversion Technology II-32

5. Focus on Select Players II-33

• Acron (Russia) II-33
• Agrium Inc (Canada) II-33
• BASF AG (Germany) II-33
• CF Industries Inc (USA) II-34
• DSM Agro BV (Netherlands) II-34
• Grande Paroisse SA (France) II-34
• Hydro Agri (Netherlands) II-34
• Koch Nitrogen Company (US) II-35
• Potash Corporation of Saskatchewan Inc. (Canada) II-35
• Terra Industries Inc. (US) II-35 The Mosaic Company (USA) II-35 Yara International ASA (Norway) II-36

6. Global Market Perspective II-37

• Table 16: World Recent Past, Current & Future Analysis for Ammonia by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) II-37
• Table 17: World Historic Review for Ammonia by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific(excluding Japan), Latin America and Rest of WorldMarkets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through2000 (Includes Corresponding Graph/Chart) II-37
• Table 18: World 20-Year Perspective for Ammonia by Geographic Region - Percentage Breakdown of Volume Consumption for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) II-38
• Table 19: World Recent Past, Current & Future Analysis for Ammonia Consumption in Fertilizers by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) II-39
• Table 20: World Recent Past, Current & Future Analysis for Ammonia Consumption in Fertilizers by End-Use - Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, and Ammonium Sulfate Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001through 2010 (Includes Corresponding Graph/Chart) II-39
• Table 21: World Historic Review for Ammonia Consumption in Fertilizers by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991through 2000 (Includes Corresponding Graph/Chart) II-40
• Table 22: World Historic Review for Ammonia Consumption in Fertilizers by End-Use - Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, and Ammonium Sulfate Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) II-40
• Table 23: World 20-Year Perspective for Ammonia Consumption in Fertilizers by Geographic Region - Percentage Breakdown of Volume Consumption for US,Canada, Japan, Europe, Asia-Pacific (excluding Japan),Latin America and Rest of World Markets for Years 1991,1995, 2005 & 2010 (Includes CorrespondingGraph/Chart) II-41
• Table 24: World 20-Year Perspective for Ammonia Consumption in Fertilizers by End-Use - Percentage Breakdown of Volume Consumption for Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, and Ammonium Sulfate Markets for Years 1991, 1995, 2005& 2010 (Includes Corresponding Graph/Chart) II-42
• Table 25: World Recent Past, Current & Future Analysis for Ammonia Consumption in Carbamide (Urea) by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) II-43
• Table 26: World Historic Review for Ammonia Consumption in Carbamide (Urea) by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) II-43
• Table 27: World 20-Year Perspective for Ammonia Consumption in Carbamide (Urea) by Geographic Region - Percentage Breakdown of Volume Consumption for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) II-44
• Table 28: World Recent Past, Current & Future Analysis for Ammonia Consumption in Ammonium Phosphate by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) II-45
• Table 29: World Historic Review for Ammonia Consumption in Ammonium Phosphate by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) II-45
• Table 30: World 20-Year Perspective for Ammonia Consumption in Ammonium Phosphate by Geographic Region - Percentage Breakdown of Volume Consumption for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) II-46
• Table 31: World Recent Past, Current & Future Analysis for Ammonia Consumption in Ammonium Nitrate by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) II-47
• Table 32: World Historic Review for Ammonia Consumption in Ammonium Nitrate by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) II-47
• Table 33: World 20-Year Perspective for Ammonia Consumption in Ammonium Nitrate by Geographic Region - Percentage Breakdown of Volume Consumption for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) II-48
• Table 34: World Recent Past, Current & Future Analysis for Ammonia Consumption in Ammonium Sulfate by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) II-49
• Table 35: World Historic Review for Ammonia Consumption in Ammonium Sulfate by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) II-49
• Table 36: World 20-Year Perspective for Ammonia Consumption in Ammonium Sulfate by Geographic Region - Percentage Breakdown of Volume Consumption for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) II-50
• Table 37: World Recent Past, Current & Future Analysis for Ammonia Consumption in Nitric Acid by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) II-51
• Table 38: World Historic Review for Ammonia Consumption in Nitric Acid by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) II-51
• Table 39: World 20-Year Perspective for Ammonia Consumption in Nitric Acid by Geographic Region - Percentage Breakdown of Volume Consumption for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) II-52
• Table 40: World Recent Past, Current & Future Analysis for Ammonia Consumption in Acrylonitrile by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) II-53
• Table 41: World Historic Review for Ammonia Consumption in Acrylonitrile by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) II-53
• Table 42: World 20-Year Perspective for Ammonia Consumption in Acrylonitrile by Geographic Region - Percentage Breakdown of Volume Consumption forUS, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) II-54
• Table 43: World Recent Past, Current & Future Analysis for Ammonia Consumption in Miscellaneous Uses by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) II-55
• Table 44: World Historic Review for Ammonia Consumption in Miscellaneous Uses by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) II-55
• Table 45: World 20-Year Perspective for Ammonia Consumption in Miscellaneous Uses by Geographic Region - Percentage Breakdown of Volume Consumption for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) II-56

III. MARKET

1. The United States III-1

• A. Market Analysis III-1
• US- Single Largest Market III-1
• Urea Leads in Ammonia Consumption III-1
• Prices Rise, as Supply Shrinks III-1
• Review of Market Conditions III-1
• Table 46: Leading Players in the North American
• Market for Ammonia (2003 & 2005(E)) - Percentage Breakdown of Value Sales by Company for Agrium, Koch Nitrogen, Terra Industries, PCS, CF Industries, Mississippi Chemicals, Mosaic Company, IMC Global, Simplot, Cargill and Others (Includes corresponding Graph/Chart) III-2
• Table 47: Percentage Share of Ammonia Capacity in the Overall Product Mix of Leading Producers in North America: 2003 (% of Capacity in terms of product tons) (Includes Corresponding Graph/Chart) III-3
• Table 48: US Market for Natural Gas (2004) - Percentage Breakdown of Volume Consumption by End-Use Segment for Methanol, Ammonia, and Others (Includes Corresponding Graph/Chart) III-3
• A Review of the Recent Past III-3
• Operating Levels Driven Down by Natural Gas Price III-3
• Production Woes III-4
• Ammonia Plants Status (1999-2004) III-4
• Table 49: Ammonia Producers and Capacities in the US for the Year 2001- Farmland Industries Inc., Terra Industries Inc., Potash Corporation of Saskatchewan Inc., CF Industries Inc., Agrium US Inc., Koch Nitrogen Company, Triad Nitrogen LLC, MissChem Nitrogen, El Paso Refining and Chemical, IMC-Agrico Inc., Honeywell, Dakota Gasification Company, Royster-Clark Inc., LaRoche Industries Inc., Nitromite Fertilizer, J.R. Simplot Company, Air Products and ChemicalsInc., Green Valley, Creston and Chevron III-5
• Ammonia Producers Hit by Soaring Natural GasPrices III-5
• Trade Steps Up III-6
• Imports & Exports III-6
• Table 50: US Market for Ammonia (2001-2003) - Imports in Million Metric Tons by Region/Country of Origin for Trinidad & Tobago, FSU Nations, Canada, Venezuela, and Others (Includes Corresponding Graph/Chart) III-6
• Table 51: US Imports of Anhydrous Ammonia, by Country of Origin: 2004 (In Metric Tons) III-7
• Table 52: US Imports of Anhydrous Ammonia, by Country of Origin: 2001-2002 (In Thousand Metric Tons) (includes corresponding Graph/Chart) III-7
• Table 53: US Imports of Aqueous Ammonia, by Country of Origin: 2004 (In Metric Tons) III-8
• Table 54: US Exports of Aqueous Ammonia, by Country of Destination: 2004 (In Metric Tons) III-8
• Table 55: US Exports of Anhydrous Ammonia, by Country of Destination: 2001-2002 (In Metric Tons) (includes corresponding Graph/Chart) III-8
• Strategic Corporate Developments III-9
• Key Players III-12
• B. Market Analytics III-14
• Table 56: US Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers(Carbamide (Urea), Ammonium Phosphate,Ammonium Nitrate, Ammonium Sulfate),Nitric Acid, Acrylonitrile and MiscellaneousMarkets Independently Analyzed with AnnualConsumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes corresponding Graph/Chart) III-14
• Table 57: US Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes corresponding Graph/Chart) III-15
• Table 58: US 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes corresponding Graph/Chart) III-15

2. Canada III-16

• A. Market Analysis III-16
• Outlook III-16
• Fertilizers Define Canadian Market Growth III-16
• Carbamide/Urea' s Massive Share in Fertilizers Segment III-16
• Table 59: Ammonia Producers and Capacities (in thousand metric tons) in Canada for the year 2001-Agrium, Canadian Fertilizer, Saskferco Products, J.R. Simplot Canada, Terra Industries and Pacific Ammonia (Includes Corresponding Graph/Chart) III-16
• Strategic Corporate Developments III-17
• Key Players III-18
• B. Market Analytics III-19
• Table 60: Canadian Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) III-19
• Table 61: Canadian Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile, and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (includes corresponding Graph/Chart) III-19
• Table 62: Canadian 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea),Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes corresponding Graph/Chart) III-20

3. Japan III-21

• Market Analysis III-21
• Table 63: Japanese Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes corresponding Graph/Chart) III-21
• Table 64: Japanese Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes corresponding Graph/Chart) III-22
• Table 65: Japanese 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-22

4. Europe III-23

• A. Market Analysis III-23
• Russia Dominates European Consumption III-23
• Fertilizers Generate Half of Demand III-23
• Market Conditions in Early 2000 III-23
• Table 66: Production Capacities of Ammonia (in Thousand Metric Tons) in Western Europe forthe Year 2000- Germany, Netherlands, France, U.K., Belgium, Ireland, Norway and Italy (includes corresponding Graph/Chart) III-23
• Table 67: Production Capacities of Ammonia (in Thousand Metric Tons) in Eastern Europe for the Year 2000- Belarus, Bulgaria, Slovakia, Yugoslavia, Poland, Romania, Russia, Ukraine, and Uzbekistan (includes corresponding Graph/Chart) III-24
• Table 68: Ammonia Production Capacity (in Thousand Metric Tons) in Western Europe for the Year 2000-Hydro Agri, DSM Agro, BASF, Hydro Agri, BASF, SKW, Terra Nitrogen, Agrolinz, Kemira, Irish Fertiliser, Hydro Agri, Norsk Hydro, Grande Paroisse, Fertiberia, Erdoelchemie, Hydro Agri, Kemira, Ruhr Oel, Adubos Portugal, Kemira, PEC du Rhin, Phosphoric Fertilisers, and Hellenic Petroleum and EniChem (includes corresponding Graph/Chart) III-24
• Issue-Antidumping Charges III-25
• Market Competition III-25
• Strategic Corporate Developments III-25
• Key Players III-26
• B. Market Analytics III-27
• Table 69: European Recent Past, Current & Future Analysis for Ammonia by Geographic Region - France, Germany, UK, Italy, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) III-27
• Table 70: European Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) III-28
• Table 71: European Historic Review for Ammonia by Geographic Region - France, Germany, UK, Italy, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) III-28
• Table 72: European Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) III-29
• Table 73: European 20-Year Perspective for Ammonia by Geographic Region - Percentage Breakdown of Volume Consumption for France, Germany, UK, Italy, Spain, Russia, and Rest of Europe Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-29
• Table 74: European 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, and Ammonium Sulfate Markets for Years 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-30

4a. France III-31

• A. Market Analysis III-31
• Outlook III-31
• Key Player III-31
• B. Market Analytics III-31
• Table 75: French Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) III-31
• Table 76: French Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) III-32
• Table 77: French 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile, and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-32

4b. Germany III-33

• A. Market Analysis III-33
• Outlook III-33
• Key Player III-33
• B. Market Analytics III-34
• Table 78: German Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) III-34
• Table 79: German Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) III-35
• Table 80: German 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-35

4c. The United Kingdom III-36

• A. Market Analysis III-36
• Outlook III-36
• Key Player III-36
• B. Market Analytics III-36
• Table 81: UK Recent Past, Current & Future Analysisfor Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate,Ammonium Nitrate, Ammonium Sulfate), Nitric Acid,Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 200 1through 2010 (Includes Corresponding Graph/Chart) III-36
• Table 82: UK Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) III-37
• Table 83: UK 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-37

4d. Italy III-38

• Market Analysis III-38
• Table 84: Italian Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes corresponding Graph/Chart) III-38
• Table 85: Italian Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes corresponding Graph/Chart) III-39
• Table 86: Italian 20-Year Perspective for Ammonia byEnd-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-39

4e. Spain III-40

• Market Analysis III-40
• Table 87: Spanish Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) III-40
• Table 88: Spanish Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) III-41
• Table 89: Spanish 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes corresponding Graph/Chart) III-41

4f. Russia III-42

• A. Market Analysis III-42
• Outlook III-42
• Export Markets III-42
• Table 90: Leading Players in the Russian Market for Ammonia (2003 & 2005(E)) - Percentage Breakdown of Value Sales by Company for Togliattiazot, Novomosksk Azot, Acron, Nevinnomysk Azot, Kemerovo Azot, Cherepovetsk Azot, Minudobrenya (Rossosh), Kirovo-Chepetsk, Azot (Berezniki), and Other (Includes Corresponding Graph/Chart) III-42
• Key Players III-43
• B. Market Analytics III-44
• Table 91: Russian Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) III-44
• Table 92: Russian Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) III-44
• Table 93: Russian 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-45

4g. Rest of Europe III-46

• Market Analysis III-46
• Table 94: Rest of Europe Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes corresponding Graph/Chart) III-46
• Table 95: Rest of Europe Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes corresponding Graph/Chart) III-47
• Table 96: Rest of Europe 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-48

5. Asia-Pacific III-49

• A. Market Analysis III-49
• Asia-Pacific: Key Market III-49
• Market Growth Concentrated Around Fertilizers Segment III-49
• Limited Supply Pushes Asian Ammonia Prices Up III-49
• Table 97: Production Capacities in Asia-Pacific by Country for the 2000 in Thousand Metric Tons - Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, North Korea, Pakistan and South Korea (Includes Corresponding Graph/Chart) III-49
• Table 98: Ammonia Exports of Indonesia for The Year 2000 in Metric Tons- Malaysia, Thailand, Vietnam, Philippines, India, Taiwan, Australia, Japan and South Korea (Includes Corresponding Graph/Chart) III-50
• Strategic Corporate Developments III-50
• B. Market Analytics III-52
• Table 99: Asia-Pacific Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through2010 (Includes corresponding Graph/Chart) III-52
• Table 100: Asia-Pacific Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes corresponding Graph/Chart) III-53
• Table 101: Asia-Pacific 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes corresponding Graph/Chart) III-53

6. Latin America III-54

• A. Market Analysis III-54
• Outlook III-54
• Table 102: Production Capacities in Latin America by Country for the 2000- Argentina, Brazil, Trinidad and Venezuela (Includes corresponding Graph/Chart) III-54
• B. Market Analytics III-55
• Table 103: Latin American Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) III-55
• Table 104: Latin American Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and MiscellaneousMarkets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) III-55
• Table 105: Latin American 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-56

7. Rest of World III-57

• A. Market Analysis III-57
• Outlook III-57
• Production Capacity III-57
• Table 106: Production Capacities of Ammonia (in thousand metric tons) in Middle East for the 2001 by Region-Algeria, Egypt, Iran, Kuwait, Qatar, Saudi Arabia and South Africa (Includes Corresponding Graph/Chart) III-57
• Trinidad and Tobago - World' s Largest Ammonia Exporter III-57
• Strategic Corporate development III-58
• B. Market Analytics III-58
• Table 107: Rest of World Recent Past, Current & Future Analysis for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 2001 through 2010 (Includes Corresponding Graph/Chart) III-58
• Table 108: Rest of World Historic Review for Ammonia by End-Use Segment - Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets Independently Analyzed with Annual Consumption Figures in Thousand Metric Tons for Years 1991 through 2000 (Includes Corresponding Graph/Chart) III-59
• Table 109: Rest of World 20-Year Perspective for Ammonia by End-Use Segment - Percentage Breakdown of Volume Consumption for Fertilizers (Carbamide (Urea), Ammonium Phosphate, Ammonium Nitrate, Ammonium Sulfate), Nitric Acid, Acrylonitrile and Miscellaneous Markets for 1991, 1995, 2005 & 2010 (Includes Corresponding Graph/Chart) III-60

IV. COMPETITION

• 1. AECI Limited (South Africa) IV-1
• Table 110: Annual Sales Analysis: 2004-2005 (In R million) IV-2
• Table 111: Annual Sales Analysis by Segment:2004-2005 (In R million) IV-2
• Table 112: Annual Sales Analysis by GeographicRegion: 2004-2005 (In R million) IV-3
• 2. African Oxygen Limited (Afrox) (South Africa) IV-4
• Table 113: Annual Sales Analysis: 2004-2005 (In R million) IV-5
• Table 114: Annual Sales Analysis by Segment: 2004-2005 (In R million) IV-6
• Table 115: Annual Sales Analysis by GeographicRegion: 2004-2005 (In R million) IV-6
• 3. Agrium, Inc. (Canada) IV-8
• Table 116: First Quarter Sales Analysis: 2005-2006 (In US$ billion) IV-10
• Table 117: Annual Sales Analysis: 2003-2005 (In US$ billion) IV-10
• Table 118: Annual Sales Analysis by Quarter:2004-2005 (In US$ billion) IV-10
• Table 119: Annual Sales Analysis by Segment:2004-2005 (In US$ billion) IV-11
• Table 120: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ billion) IV-11
• 4. Agrolinz Melamin (Austria) IV-18
• Table 121: Annual Sales Analysis: 2004-2005 (In EUR million) IV-18
• Table 122: Annual Sales Analysis by Segment:2004-2005 (In EUR million) IV-19
• Table 123: Annual Sales Analysis by GeographicRegion: 2004-2005 (In EUR million) IV-19
• 5. Air Products And Chemicals, Inc. (USA) IV-23
• Table 124: Half Yearly Sales Analysis: 2005-2006 (H1) (In US$ million) IV-25
• Table 125: Half Yearly Sales Analysis by Segment: 2005-2006 (H1) (In US$ million) IV-25
• Table 126: Half Yearly Sales Analysis by Geographic Region: 2005-2006 (H1) (In US$ million) IV-26
• Table 127: Annual Sales Analysis: 2003-2005 (In US$ million) IV-26
• Table 128: Annual Sales Analysis by Segment:2003-2005 (In US$ million) IV-26
• Table 129: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ million) IV-26
• 6. Anhui Huainan Chemical Group (AHCG) (China) IV-34
• 7. Azot Berezniki (Russia) IV-35
• 8. Azot (Kemerovo) Joint Stock Co. (Russia) IV-38
• 9. BASF Aktiengesellschaft (AG) (Germany) IV-40
• Table 130: First Quarter Sales Analysis: 2005-2006 (In € billion) IV-46
• Table 131: Annual Sales Analysis: 2003-2005 (In € billion) IV-46
• 10. Bergesen Worldwide (BW) Gas ASA (Norway) IV-60
• Table 132: Annual Sales Analysis: 2004-2005 (In US$ million) IV-60
• 11. BorsodChem RT (Hungary) IV-62
• Table 133: First Quarter Sales Analysis: 2005-2006 (In HUF million) IV-64
• Table 134: Annual Sales Analysis: 2004-2005 (In HUF million) IV-64
• Table 135: Annual Sales Analysis by Quarter:2004-2005 (In HUF million) IV-64
• Table 136: Annual Sales Analysis by Segment:2004-2005 (In HUF million) IV-64
• Table 137: Annual Sales Analysis by GeographicRegion: 2004-2005 (In HUF million) IV-65
• 12. Cargill, Inc. (USA) IV-66
• Table 138: Annual Sales Analysis: 2004-2005 (In US$ million) IV-72
• The Mosaic Co. (USA) IV-77
• Table 139: Nine Months Sales Analysis: 2005-2006 (Nine Months Ended, February) (In US$ million) IV-78
• Table 140: Nine Months Sales Analysis by Segment: 2005-2006 (Nine Months Ended, February) (In US$ million) IV-78
• Table 141: Nine Months Sales Analysis by Geographic Region: 2005-2006 (Nine Months Ended, February) (In US$ million) IV-78
• Table 142: Annual Sales Analysis by Quarter:2004-2005 (In US$ million) IV-79
• Table 143: Annual Sales Analysis by Segment:2004-2005 (In US$ million) IV-79
• Table 144: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ million) IV-79
• 13. CF Industries Holdings, Inc. (USA) IV-81
• Table 145: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-81
• Table 146: First Quarter Sales Analysis by Product: 2005-2006 (In US$ million) IV-82
• Table 147: Annual Sales Analysis: 2004-2005 (In US$ million) IV-82
• Table 148: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-82
• Table 149: Annual Sales Analysis by Product: 2004-2005 (In US$ million) IV-82
• 14. Cherepovetsky Azot (Russia) IV-83
• 15. Cherokee Nitrogen (Russia) IV-83
• 16. Chimco (Bulgaria) IV-83
• 17. Cytec Industries, Inc. (USA) IV-84
• Table 150: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-87
• Table 151: Annual Sales Analysis: 2004-2005 (In US$ million) IV-87
• Table 152: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-87
• Table 153: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-87
• Table 154: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-88
• Cytec Industries BV (The Netherlands) IV-91
• 18. Dakota Gasification Co. (USA) IV-92
• 19. Dawood Hercules Chemicals Ltd. (Pakistan) IV-93
• Table 155: Annual Sales Analysis: 2004-2005 (In Rs million) IV-93
• 20. Deepak Fertilisers & Petrochemicals Corporation (India) IV-94
• Table 156: Annual Sales Analysis: 2004-2005 (In INR million) IV-95
• 21. DSM NV (The Netherlands) IV-96
• DSM Agro BV (The Netherlands) IV-102
• 22. Dyno Nobel ASA (Norway) IV-104
• 23. Egypt Basic Industries Corporation (EBIC) (Egypt) IV-104
• 24. EL Paso Corporation (USA) IV-105
• Table 157: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-107
• Table 158: Annual Sales Analysis: 2004-2005 (In US$ million) IV-107
• 25. Fauji Fertilizer Co., Ltd. (Pakistan) IV-111
• Table 159: First Quarter Sales Analysis: 2004-2005 (In Rs million) IV-111
• 26. Fertiberia SA (Spain) IV-112
• 27. Fertilizers & Chemicals Travancore Limited (India) IV-113
• Table 160: Annual Sales Analysis: 2003-2005 (In INR million) IV-114
• 28. First Uan Trinidad Limited (Trinidad And Tobago) IV-115
• 29. Grande Paroisse SA (France) IV-116
• 30. Gujarat Narmada Valley Fertilizers Co., Ltd. (India) IV-117
• 31. Irish Fertilizer Industries Ltd. (Ireland) IV-119
• 32. Jiangsu Xinya Chemical Group Co. (China) IV-120
• 33. JR Simplot Company (USA) IV-121
• 34. JSC Acron (Russia) IV-122
• Shandong Hongri Acron Chemical Joint Stock Company Ltd. (China) IV-123
• 35. JSC Dorogobuzh (Russia) IV-124
• 36. Kemira GrowHow Oy (Finland) IV-125
• Table 161: Half Yearly Sales Analysis: 2005-2006 (In € million) IV-126
• Table 162: Half Yearly Sales Analysis by Segment: 2005-2006 (In € million) IV-126
• Table 163: Annual Sales Analysis: 2003-2005 (In € million) IV-127
• 37. Koch Nitrogen Company (USA) IV-130
• 38. L' air Liquide SA (France) IV-131
• Table 164: Half Yearly Sales Analysis: 2005-2006 (H1) (In € million) IV-133
• Table 165: Half Yearly Sales Analysis by Segment: 2005-2006 (H1) (In € million) IV-133
• Table 166: Half Yearly Sales Analysis by Geographic Region: 2005-2006 (H1) (In € million) IV-133
• Table 167: Annual Sales Analysis by Segment: 2004-2005 (In € million) IV-133
• 39. Linde AG (Germany) IV-143
• Table 168: Annual Sales Analysis: 2004-2005 (In € Billion) IV-144
• Linde Gas Pty., Ltd. (Australia) IV-146
• 40. Lovochemie AS (Czech Republic) IV-147
• 41. Messer Belgium NV-SA (Belgium) IV-148
• 42. Methanex Corporation (Canada) IV-149
• Table 169: Half Yearly Sales Analysis: 2005-2006 (H1) (In US$ million) IV-149
• Table 170: Annual Sales Analysis: 2004-2005 (In US$ million) IV-150
• 43. Micro Chemie BV (The Netherlands) IV-153
• 44. Mitsubishi Gas Chemical Company, Inc. (Japan) IV-154
• Table 171: Annual Sales Analysis: 2003-2006 (In ¥ billion) IV-158
• Table 172: Annual Sales Analysis by Segment: 2004-2005 (In ¥ billion) IV-158
• 45. Mitsui & Co., Ltd. (Japan) IV-166
• Table 173: Annual Sales Analysis: 2003-2005 (In ¥ billion) IV-171
• Table 174: Annual Sales Analysis by Segment: 2004-2005 (In ¥ billion) IV-172
• Table 175: Annual Sales Analysis by Geographic Region: 2004-2005 (In ¥ billion) IV-172
• 46. Mitsui Chemicals, Inc. (Japan) IV-176
• Table 176: Annual Sales Analysis: 2004-2005 (In ¥ billion) IV-178
• Table 177: Annual Sales Analysis by Segment: 2004-2005 (In ¥ billion) IV-178
• Table 178: Annual Sales Analysis by Geographic Region: 2004-2005 (In ¥ billion) IV-178
• 47. Neochim PLC (Bulgaria) IV-183
• 48. Norsk Hydro ASA (Norway) IV-184
• Table 179: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-185
• Table 180: Annual Sales Analysis: 2004-2005 (In US$ million) IV-185
• Hydro Agri Sluiskil BV (The Netherlands) IV-189
• 49. Oswal Projects Ltd. (India) IV-190
• 50. Potash Corporation (Canada) IV-191
• Table 181: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-192
• Table 182: First Quarter Sales Analysis by Segment: 2005-2006 (In US$ million) IV-192
• Table 183: Annual Sales Analysis: 2004-2005 (In US$ million) IV-192
• Table 184: Annual Sales Analysis by Quarter:2004-2005 (In US$ million) IV-193
• Table 185: Annual Sales Analysis by Segment:2004-2005 (In US$ million) IV-193
• Table 186: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ million) IV-193
• 51. Praxair, Inc. (USA) IV-195
• Table 187: Half Yearly Sales Analysis:2005-2006 (H1) (In US$ million) IV-196
• Table 188: Annual Sales Analysis: 2003-2005 (In US$ million) IV-196
• Table 189: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-196
• Table 190: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ million) IV-196
• 52. PT Pupuk Kaltim (Indonesia) IV-203
• 53. Rossosh Minudobreniya JSC (Russia) IV-204
• 54. SIAD SpA (Italy) IV-206
• 55. SKW Stickstoffwerke Piesteritz GmbH (Germany) IV-208
• 56. Tata Chemicals Ltd. (India) IV-209
• 57. Terra Industries, Inc. (USA) IV-214
• Table 191: Half Yearly Sales Anlaysis: 2004-2006 (H1) (In US$ million) IV-215
• Table 192: Half Yearly Sales Analysis by Segment: 2005-2006 (H1) (In US$ million) IV-215
• Table 193: Half Yearly Sales Analysis by Geographic Region: 2005-2006 (H1) (In US$ million) IV-215
• Table 194: Annual Sales Analysis: 2003-2005 (In US$ million) IV-215
• Table 195: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-216
• Table 196: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-216
• Table 197: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ million) IV-216
• Terra Nitrogen Company LP (USA) IV-218
• Terra Nitrogen (U.K.) Ltd. (UK) IV-218
• 58. The BOC Group PLC (UK) IV-219
• Table 198: Annual Sales Analysis: 2003-2005 (In € million) IV-221
• Table 199: Annual Sales Analysis by GeographicRegion: 2004-2005 (In € million) IV-221
• BOC Gases New Zealand Ltd. (New Zealand) IV-227
• 59. The Juhua Corporation - Ammonia/Urea Plant (China) IV-229
• 60. Togliattiazot (Russia) IV-229
• 61. Unocal Corporation (USA) IV-230
• 62. Wesfarmers CSBP Limited (Australia) IV-232
• 63. Yara International ASA (Norway) IV-235
• Table 200: Half Yearly Sales Analysis: 2004-2005 (H1) (In NOK million) IV-235
• Table 201: Half Yearly Sales Analysis by Segment: 2004-2005 (H1) (In NOK million) IV-236
• Table 202: Annual Sales Analysis: 2003-2004 (In NOK million) IV-236
• 64. Zuari Industries Ltd. (India) IV-240