EuroChem, controlled by Russian tycoon Andrei Melnichenko, agreed to buy most of BASF's nitrogen fertiliser plants in a deal worth 700 million euros ($943 million)

BASF, the world's largest chemical maker by sales, said on Tuesday it plans to complete the transactions by the end of the first quarter of 2012.

It had announced earlier this year it would sell major parts of its fertiliser business, which is under pressure from low-cost producers in the Middle East such as Saudi Basic Industries.

EuroChem's chief executive said the deal would boost its European business.