Group 1 - The offshore price of granular urea from most Iranian producers reached $395 per ton as of the week ending January 16, reflecting a week-on-week increase of $5 per ton [1] - The shipment of this batch of urea is scheduled for late February to early March, with tight natural gas supplies continuing to suppress urea production in the country [3] - Pardis, the only operational producer in Iran, sold 30,000 tons of granular urea at an offshore price of $397 per ton for shipment in early February, with a current target price of $400 per ton [3] Group 2 - Pardis has an annual production capacity of 3.2 million tons, with the current operating rate at approximately 50% [3] - The startup of Hengam's urea plant, with a capacity of 1.1 million tons per year, has been delayed despite plans to commence operations on January 10, likely due to nationwide protests and their political implications [3] - According to Argus, the total estimated loss in Iranian urea production since December 17 amounts to approximately 450,000 tons [3]

Core Viewpoint - Omifco, a joint venture between Oman and India, plans to list on the Muscat Securities Market (MSX) as part of Oman's government initiative to restart its privatization process [1] Group 1: Company Overview - Omifco was established in 1994 as a fertilizer company, with a production capacity of 3,500 tons of anhydrous ammonia and 5,060 tons of granular urea per day at its plant located in Sur Industrial City [1] - The ownership structure of Omifco consists of Oman’s OQ Group holding 50% of the shares, while two Indian companies each hold 25% [1] Group 2: Market Context - The listing plan is currently in its early stages, with applications submitted to banks for the listing process [1]