An expert has made comments concerning the effects of the war in Ukraine on supply and cost of food globally.
The President and Chief Executive Officer of Yara International, one of the world’s biggest fertiliser companies, Svein Tore Holsether while speaking to BBC said:
“Things are changing by the hour,”
“We were already in a difficult situation before the war… and now it’s additional disruption to the supply chains and we’re getting close to the most important part of this season for the Northern hemisphere, where a lot of fertiliser needs to move on and that will quite likely be impacted.”
Norwegian chemical company with the largest business area focuses on the production of nitrogen fertilizer and it operates in more than 60 countries, buys reasonable amounts of essential raw materials from Russia.
Meanwhile, the effects of the war have also affected fertiliser prices because they were already high due to soaring wholesale gas prices.
Mr Holsether, while speaking further about the dangers ahead in the industry, said, “Half the world’s population gets food as a result of fertilisers… and if that’s removed from the field for some crops, [the yield] will drop by 50%.”
