EuroChem Group AG reported that its Nevinnomysskiy Azot subsidiary will launch the production of at least 70,000 mt/y of mainly water-soluble potassium nitrate fertilizer in the third quarter of this year.
Preparations for commissioning work will start in mid-March. EuroChem put the investment in the new project at RUB7.4 billion (approximately $81 million at current exchange rates). The company plans to supply up to 60% of the new output to the Brazilian market, EuroChem Group President Oleg Shiryaev said in a company media statement.
In an interview with Russian news agency RIA Novosti, Shiryaev said the project will maximize the use of EuroChem’s own distribution networks in Brazil and other countries, “giving it a clear advantage over its competitors, especially amid significant production and supply of potassium nitrate on the Russian market.” He added that the project will allow EuroChem “to significantly increase” its market share in Brazil. “Demand for these products is consistently high both in Russia and in Asia, Central, and South America,” he said.