PhosAgro aims for an investment record
At the end of 2022, PhosAgro increased the production of mineral fertilizers by 5% to 11 million tons. The portfolio of mineral fertilizers offered to farmers was expanded to 57 brands.
PhosAgro CEO Mikhail Rybnikov stressed that, as part of the company’s long-term development strategy, a record amount of funds will be directed to investments in 2023 – almost 67 billion rubles (almost $914 thousand).
“The most important event in 2023 for PhosAgro will be reaching the design capacity of the modern complex for the production of phosphorus fertilizers in the city of Volkhov, which will become an innovative industry leader for years to come. The output of finished products will increase four times compared to 2019. The processing of apatite concentrate, the main raw material for the production of fertilizers, will also grow,” said Mikhail Rybnikov.