PhosAgro, the largest supplier of phosphate mineral fertilizers, intends to invest 120 billion rubles to build a new nitrogen plant at one of its sites.

CEO Andrey Guriev told Interfax that the production will be located at one of PhosAgro's existing sites in Cherepovets or Volkhov. The company is going to present its updated 2025 strategy to investors at the end of 2021 or the beginning of 2022, depending on the market trends. As part of the updated strategy, PhosAgro plans to increase its raw material base for ammonia, sulphuric acid and ammonium sulphate capacity. The projects are currently at the feasibility study stage.

The program now calls for a $3 billion investment and an increase in fertilizer and feed phosphate production by a quarter by 2019, to 11.7 million tons. However, the company predicts that, given the 41 billion rubles of investments planned annually, the level of investment will be exceeded even without adjusting the strategy.

"PhosAgro is a vertically integrated Russian company and one of the world's leading producers of phosphate-based fertilizers. The company sells its products under more than 50 brands in 102 countries.