PhosAgro CFO Alexander Sharabaiko told Interfax on June 10 at the St. Petersburg International Economic Forum that the Russian fertilizer company next year plans to approve a strategy for the development of its capacity to 2030.
“We want to complete everything that we planned as part of the Strategy-2025 either this year or in the first quarter of next year, saving a little time. And concurrently we’ll start developing the Strategy-2030, which we have to approve next year,” Sharabaiko said.
“We see the focus as further increasing ore mining,” he added “We have a program to develop the resource base that is far longer than the Strategy-2030. And concurrently we’ll look at the possibility of increasing apatite concentrate processing at our plants.”
One of PhosAgro’s main projects was previously expected to be the construction of a new complex in Cherepovets with capacity to produce 1 million mt/y of ammonia and up to 1 million mt/y of urea.
The project has yet to materialize, and many observers attribute the delay to the difficulty in acquiring technology under Western sanctions following the invasion of Ukraine. The company said in 2023 that it was in negotiations with Chinese technology licensors. Sharabaiko said a final investment decision on the project has not been made yet.