Ammonia and nitrogen fertilizers

World's largest agricultural nutrient company by revenue; formed from Potash Corp and Agrium merger (2018). Largest potash producer globally (20% market share); 55–60% of North American potash mining. Also major nitrogen fertilizer producer. 27.5 Mt/year combined N+P+K capacity.

World's largest ammonia distributor via Yara Clean Ammonia; >15% global ammonia market share. Produces and trades ~17-18M MT of ammonia and nitrogen fertilizers annually. Revenue $13.9B in 2024. Plants across Norway (Herøya/Porsgrunn: 500,000 MT/yr), Germany (Brunsbüttel: 800,000 MT/yr), Australia (Pilbara: 850,000 MT/yr, ~5% of world merchant ammonia supply), and 15+ other countries. Also the world's largest multi-nutrient fertilizer producer in Western Europe. Pivoting to green ammonia: started Europe's largest electrolyzer at Herøya (Norway) in 2024 for renewable hydrogen/ammonia. Yara Clean Ammonia is positioning to supply ammonia as marine fuel.

Gazprom PJSC (Moscow; MOEX: GAZP; majority state-owned via Rosimushchestvo; 2022 revenue ~$163B before sanctions impact) is the world's largest natural gas company by reserves and historically by production, accounting for ~11% of global natural gas output and controlling ~16% of proven global reserves. Gazprom operates the three giant Yamal Peninsula supergiant fields: Bovanenkovo (production since 2012, design capacity 115+ bcm/year), Urengoy (peak producer, now mature), and Yamburg. The Yamal Peninsula fields sit above the Arctic Circle and require specialist cryogenic engineering. Post-February 2022 invasion of Ukraine, Gazprom's pipeline revenues collapsed: Russia-Germany Nord Stream 1 flows were reduced to 20% of capacity before the pipeline was sabotaged in September 2022; Gazprom's net profit fell ~67% in 2022 and the company posted a rare net loss in FY2023. Gazprom's weaponization of gas flows to Europe (cutting flows to Germany, Poland, Bulgaria, Finland, Netherlands beginning in April 2022) constituted deliberate supply manipulation — documented by European energy regulators and ACER.

Russia's largest potash producer; ~17% of global supply. Five mines and seven ore-treatment mills in Berezniki and Solikamsk (Perm Krai). NOT under Western sanctions (unlike Belaruskali) — continues to export to China, India, Brazil, Indonesia, Turkey, and the EU despite Russia-Ukraine war. Controlled by oligarch Dmitry Mazepin (under personal sanctions). Berezniki mines produce ~10% of world's potash but the city is being swallowed by sinkholes from 2006 mine flooding — a structural geological risk. Russian potash exports rose 30%+ in 2024 reaching ~10M MT.

World's largest US potash and phosphate producer. Esterhazy K1 and K2 mines (Saskatchewan) began experiencing managed brine inflows in 1985; managed for decades until Mosaic made the decisive choice to build the K3 underground mine (announced 2009, commissioned 2022) to replace K1/K2. K1/K2 closed 2021. K3 at Esterhazy is now the world's largest operating potash mine. Also operates Colonsay SK mine (conventional underground). The Esterhazy flooding saga represents the most consequential water-management incident in Saskatchewan potash history, requiring a $4B+ replacement mine investment.

State-owned Belarusian potash company; historically ~18-20% of global MOP supply. Soligorsk mines have the world's highest-grade potash ore. Subject to US and EU sanctions since 2021 following disputed election and Lukashenko repression. Lost access to Klaipėda (Lithuania) port in February 2022 — the only viable Baltic export route — causing production to fall 60% in 2022 (to 3M MT). Has rerouted exports through Russian ports (Ust-Luga, Murmansk). Recovering to ~7M MT by 2024. Belarus and Russia jointly produce ~40% of global potash exports.

Norwegian state-majority-owned energy company (Oslo: EQNR, HQ Stavanger); Norway's largest gas producer and Europe's second-largest gas supplier after Russia (pre-2022). Equinor operates offshore platforms in the Norwegian Continental Shelf (Troll, Sleipner, Snohvit, Oseberg, Gullfaks fields) feeding gas via subsea pipelines to the UK, Germany, Belgium, France, and the Netherlands through the Gassled pipeline infrastructure. Post-Nord Stream 1 sabotage (September 2022), Norway became Europe's largest gas supplier: Norwegian pipeline deliveries to Europe rose from ~100 bcm/year (2021) to ~112-115 bcm/year (2022-2023) as Europe scrambled to replace Russian volumes. Equinor also operates Hammerfest LNG (Melkoya Island, Norway) — Europe's first base-load LNG plant, though capacity is modest at ~4.2 mtpa. Equinor holds significant US upstream positions (Gulf of Mexico, Marcellus shale).

Israeli specialty mineral company; ~25% of global food phosphate market per input description; 15-18% of total global STPP market. ICL Food Specialties (subsidiary) is a leading food phosphate supplier: STPP, SHMP, SAPP, and other sodium phosphates for water binding, texture, and moisture retention in processed meat. Also: world's largest bromine producer (Dead Sea), potash producer (Dead Sea Works), and specialty fertilizer company. ICL has a unique triple position in critical minerals: food phosphates, potash fertilizers, and bromine for flame retardants/pharmaceuticals. Lawrence, KS plant serves the North American processed meat industry.

German potash and salt producer; operates mines in Germany (Werra, Weser, Harz) and Canada (Bethune mine, Saskatchewan); ~7% of global potash; only Western European potash producer; operates under EU environmental constraints; Bethune mine opened 2017 as first new greenfield potash mine in Canada in decades

State-owned energy company of Qatar; world's largest LNG producer (77M MT/year capacity, targeting 142 MT/year by 2029-30). North Field is one of the world's largest natural gas reserves. Qatar produces elemental sulfur as a byproduct of gas processing and LNG operations. Qatar's sulfur exports are approximately 0.18M MT/year (per one market data point), though Qatar's Hormuz exposure makes it a key transit chokepoint for regional sulfur flows even if its own production is modest relative to Saudi Arabia or Canada.

One of the world's largest ammonia producers; Donaldsonville Complex (Louisiana) is the world's largest single ammonia production complex — 4.335M MT/year capacity, 6 plants on 1,400 acres along the Mississippi River. Produced 9.8M MT gross ammonia in 2024 across all facilities. Also operates plants in Iowa, Louisiana, Courtright (Ontario Canada), Ince (UK), Billingham (UK). Added CO2 capture at Donaldsonville (2025) enabling ~1.9M MT/year 'low-carbon ammonia' for export to Japan/Korea. Joint venture with JERA + Mitsui for $4B 'blue ammonia' plant in Louisiana.

EQT Corporation (Pittsburgh, PA; NYSE: EQT) is the largest US natural gas producer by volume and operates significant underground gas storage assets in West Virginia and Pennsylvania. EQT's storage is integrated with its Appalachian Basin production — depleted reservoir fields that serve as both production infrastructure and seasonal storage. EQT's storage fields in West Virginia (including storage along the Equitrans Midstream system, now an EQT subsidiary after the 2024 Equitrans acquisition for ~$5.5 billion) give EQT direct control over Appalachian gathering, compression, and storage. Equitrans Midstream operated the Mountain Valley Pipeline (MVP, ~303 miles from West Virginia to Virginia, completed June 2024) and associated gathering systems that include storage infrastructure. EQT's storage capacity is approximately 45 Bcf of working gas across its storage fields.

Russia's largest nitrogen fertilizer producer; 25% of Russian nitrogen exports. Produces ammonia, urea, ammonium nitrate, and compound fertilizers. Exports ~5.5 Mt/year; affected by 2022 sanctions but fertilizers were initially exempted by US/EU to avoid food security crisis. Owns potash mines in Russia.