Domestic market is a top-priority for Russian chemical companies
President of the Russian Fertilizer Producers Association (RFPA) and PhosAgro CEO Andrey Guryev said that RFPA’s companies need to make large-scale investments to provide Russian agriculture organizations and farmers with agrochemicals.
“To provide Russian farmers with agrochemicals and to maintain competitiveness in international markets, RFPA’s enterprises need to invest over a trillion rubles (about $14.4 billion) in agriculture productions,” Andrey Guryev emphasized. He also noted that the favorable investment conditions are the key to the effectiveness of large-scale capital investments.
Nowadays, Russian chemical companies fully satisfy the domestic demand for mineral fertilizers. Domestic farmers increased supplies of fertilizers by 14.5% to 9.5 million tons in 2019, which is a record value over the last 20 years.
As of mid-June 2020, the companies have already supplied more than 65% of the estimated annual demand for mineral fertilizers. That corresponds to a 20% growth in purchase compared to the same period last year.
“As a result of continuous work to improve efficiency and focus on innovations and the environment, Russian fertilizers are highly demanded in more than a hundred countries of the world. The domestic market will always be our strategic priority and the largest individual market in terms of sales volumes for our products,” said Andrey Guryev.