The off-take agreement is certainly based on future market index price, otherwise with current market price this will be valued at $2.8 billion. This is a project of national significance and need to consider externalities such as Ukraine war is not going to last forever (an exporter of Urea to the world market), however all their plants are completely destroyed will take 2-3 years to fix once the war stops.
I believe there are more promising news to come in few weeks as this project is well supported by SA and federal government.
