PhosAgro reports record production results and export volumes in 2023

In a recent address, PhosAgro CEO Mikhail Rybnikov highlighted the company’s achievements in 2023, describing it as a year of record-breaking agrochemical production and significant strategic advancements. Despite not having fully consolidated the year’s final figures, Rybnikov announced an all-time production high, crediting the workforce for their dedication to national food security.

The company further solidified its position as a leading supplier of mineral fertilizers to Russian farmers, with an approximate 11% increase in supplies. New products and services were introduced, including soil testing and the provision of crop protection agents and domestic seeds from partners.

Export figures also saw a notable increase, with 8.7 million tonnes, including a rise in nitrogen-based fertilizers and feed phosphates. PhosAgro’s pivot in export strategies saw a significant shift of supplies to Latin America due to favorable market conditions, while also increasing exports to Africa and the CIS countries. In the face of local sanctions affecting Northern and Eastern Europe and the Baltic states, the company adjusted its export strategies, maintaining a total European export volume of around 2 million tonnes, consistent with the previous year.

Investments reached a record high as PhosAgro committed substantial funds to development and modernization. This includes ambitious projects to expand and upgrade its mining and processing complex, with new mines and enhanced processing facilities set to significantly increase capacity and productivity.

As the company moves forward, it continues to align its operations with the comprehensive Development Strategy to 2025, focusing on expanding its unique ore and raw material base and enhancing its production capacities to meet the growing demands of both local and international markets.