PhosAgro continues to implement its key investment projects
PhosAgro Board of Directors has approved the implementation of key investment projects as part of the company’s development strategy until 2025.
“For 20 years now, our company has been committed to continuous modernization of production facilities using the best available technologies. This allowed us to strengthen our position in the market as the largest supplier of fertilizers to Russian farmers and a world leader in terms of production costs,” said PhosAgro CEO Andrey Guryev. “As a result of large-scale investment programs, the volume of fertilizer production by PhosAgro enterprises has almost tripled over 20 years from 3.4 million tons in 2001 to 10.1 million tons in 2020. The growth dynamics remain amid the pandemic and comprehensive preventive measures at our enterprises: since the beginning of the year, the company has managed to increase the production of phosphorus fertilizers, which was facilitated by the modernization of the units for the production of phosphoric acid. The output of the main brands of fertilizers during the nine months increased by 9% and 7%, respectively.”
According to the statement of Andrey Guryev, significant progress is being noted in the Volkhov branch of Apatit, where a modern mineral fertilizer production complex is being built.
The first two complexes with a total capacity of over 800 thousand tons of monoammonium phosphate were commissioned in March and June 2021. It’s expected that by the end of this year, new sulfuric acid production facilities and recycling combined heat and power plant will be commissioned. Upon full completion of the project, the expected total capacity of the new units of the production complex will reach almost 900 thousand tons, which will ensure the long-term growth of PhosAgro’s operating indicators.