PhosAgro will increase investments in 2023 to $943 million

PhosAgro’s Board of Directors approved the draft budget for next year. The results of the implementation of key investment projects of PhosAgro enterprises in 2022 and development directions until 2030 were also taken into account.

“In the adopted budget, the company remains committed to a long-term course of further expansion and modernization of production facilities. In 2022, we will allocate almost 64 billion rubles (over $914 million) for investment development, which is a third more than in the previous year. The 2023 budget provides for a further increase in the total volume of capital investments – over 66 billion rubles (almost $943 million).

Among the key projects are reaching the design capacity of a modern complex for the production of phosphorus fertilizers in the city of Volkhov, the implementation of projects for the development of a raw material base in the city of Kirovsk, and the production of high-tech products in the cities of Cherepovets and Balakovo,” said PhosAgro CEO Mikhail Rybnikov.

Mikhail Rybnikov thanked the company’s workforce for their well-coordinated work, which will allow PhosAgro to set a new production record in the outgoing year, despite the market volatility.