PhosAgro plans to set an investment record
In 2023, PhosAgro will allocate a record amount of funds for capital investments – over 66 billion rubles (almost $950 million). As its CEO Mikhail Rybnikov said, 2022 wasn’t an easy year but PhosAgro managed to overcome all the difficulties.
“As a result of sanctions directly damaging global food security, every day we had to meet new challenges, rebuild production and supply chains,” noted Mikhail Rybnikov. “However, thanks to the well-coordinated work of PhosAgro’s workforce, we managed to overcome these issues with dignity and set another record for the production of mineral fertilizers. Moreover, we have fulfilled the needs of Russian farmers with high-quality and eco-efficient mineral fertilizers.”
PhosAgro will address several ambitious tasks in 2023. Particularly, the company will continue to implement a large-scale investment program, a significant milestone of which will be the achievement of the design capacity of a modern complex for the production of phosphorus fertilizers in the city of Volkhov (Leningrad region).
“We are focused on the implementation of projects for the development of the ore and raw material base in the city of Kirovsk and the production of high-tech products in the cities of Cherepovets and Balakovo,” Mikhail Rybnikov emphasized. “In the next five years, we intend to allocate over 250 billion rubles (almost $3.6 billion) for investments.”