PhosAgro intends to produce 10.5 million tons of products in 2021
PhosAgro Board of Directors approved the draft budget for the next year. PhosAgro CEO Andrey Guryev reports that the approved budget confirms a long-term course of the company aimed at maintaining high growth rates through further expansion and modernization of production facilities and strengthening the position of one of the most efficient producers of mineral fertilizers in the world.
“We continue implementing a large-scale investment program as part of the development strategy until 2025. The total volume of capital investments for the next year is expected to reach 52.5 billion rubles (approximately $713.4 million), except overhauls. Key projects include the final stage of construction of a modern complex for the production of phosphorus fertilizers in the city of Volkhov, further development of the mining segment, the start of construction of a new ammonia-carbamide complex in Cherepovets, and an increase in production by Balakovo branch of Apatit. These and other projects will be considered as part of the updated development strategy until 2025 by the Board of Directors next spring,” said Andrey Guryev.
Reporting on the results of 2021, Andrey Guryev noted that despite challenging epidemic conditions, the company continued to increase production volumes. It’s expected that by the end of the year, the output of finished products will reach 10.5 million tons (+3% to the level of 2020). Thus, a new production record will be set in PhosAgro’s anniversary year.