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Canadian Pacific today announced it executed a new long-term agreement with potash exporting and marketing firm Canpotex Ltd.
The parties’ new seven-year contract — which runs through 2028 — succeeds the current 10-year pact that expires in 2022.
CP is Canpotex’s primary rail service provider for transporting Canadian potash to overseas export markets.
"Canpotex and CP are like-minded organizations, focused on asset utilization and efficiency. This long-standing relationship makes sense for us both,” said CP President and CEO Keith Creel in a press release.
CP enables the potash exporter’s supply chain to be optimized more efficiently and safely from mine to port terminals by leveraging the railroad’s service options and network capacity, Canpotex officials said.
"This new agreement … will provide the safe and efficient rail service we depend on to reliably reach our customers in overseas markets," said Canpotex President and CEO Gord McKenzie.