PhosAgro signed an Investment Protection Agreement
The Ministry of Economic Development of Russia, the Government of the Leningrad Region, and PhosAgro signed an Investment Protection and Promotion Agreement for the construction of a modern complex for the production of phosphorus fertilizers.
After the implementation of the project with total investments of 28 billion rubles ($380.8 million), the Volkhov branch of Apatit (part of PhosAgro) will increase the output of products from 200 to 860 thousand tons per year and the processing of apatite concentrate from the current 300 thousand tons to 1.3 million tons in a year.
The investment project is being implemented as part of PhosAgro’s long-term development strategy, according to which the Volkhov branch will reach its design capacity by 2023 and complete the entire range of works by 2025. The enterprise will comply with the strictest requirements of Russian and European environmental legislation and will be implemented using the best available technologies.