EuroChem Group AG expects to increase investment this year to about RUB130 billion (approximately $1.7 billion at current exchange rates), up from RUB90 billion in 2020, according to an Interfax report, citing company CEO Vladimir Rashevsky.
Rashevsky said even with a difficult year as a result of the COVID pandemic, the group did not halt single major investment project last year, which makes it possible, amid a backdrop of an economic revival, he said, for EuroChem to be ramping up investment and new projects in 2021.
According to its FY2020 IFRS financial statements, EuroChem increased capital expenditure by 23 percent, to US$1.2 billion in 2020, on the decision to proceed with the EuroChem North West 2 project, a new facility for the annual production of 1.1 mt/y of ammonia and 1.4 mt/y of urea (GM Feb. 12, p. 1).
Maintenance capex amounted to 28 percent of the FY2020 total, with the rest allocated to key expansion projects: EuroChem North West 2 and the Usolskiy and VolgaKaliy potash plants.