PhosAgro late last week confirmed it was on track to achieve a 5% increase in its fertilizer production to more than 10.9 million mt in full-year 2022, and plans to spend more than RUB250 billion (approximately $3.5 billion at current exchange rates) in investment in the next five years, according to a Prime News report, citing a company statement.
The Russian fertilizer company last month upped its fertilizer production forecast for 2022 to 10.9 million mt (GM Nov. 11, p. 28). In August, the group published a production forecast of 10.8 million mt for 2022. PhosAgro Chairman Viktor Cherepov at the time cited “the accumulated dynamics for the output of fertilizers” as driving the higher production forecast.
PhosAgro saw its mineral fertilizer output for the nine months to Sept. 30 increase by 7% year-over-year to 8.06 million mt, up from the previous year 7.55 million mt.
It produced 10.31 million mt of fertilizers in 2021, 3% more than in the previous year (GM Feb. 11, p. 30).
Meanwhile, PhosAgro’s Board of Directors this week approved the company’s draft budget for 2023, approving a total investment of RUB66 billion (approximately $924 million at current exchange rates) for the year, up from 2022’s investment spend of RUB64 billion.
Key projects for next year include bringing the production of phosphate fertilizers at the Volkhov production complex in Russia’s Leningrad region to design capacity. The company launched the first stage of MAP production at the new complex in March 2021 (GM March 12, 2021). PhosAgro under the original project plans was targeting ultimate capacity at the site of some 774,000 mt/y by 2023.
The company detailed other key projects for 2023 as implementing projects for the development of ore and feedstock resources in Kirovsk, as well as facilities for the production of what it described as “high-tech” products in Cherepovets and Balakovo.
PhosAgro plans to spend more than RUB250 billion (approximately $3.5 billion) in investment in five years, according to the Prime News report, citing a company statement.