Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that the Board of Directors held a meeting today, at which it approved the priority focus areas for the Company in 2015.
PhosAgro CEO Andrey Guryev underscored the following areas as top priorities for the Company: construction of the new 760 ths tonne/year ammonia production facility at PhosAgro-Cherepovets, which is being built in parallel to a new 500 ths tonne/year granulated urea line and a new 300 ths tonne/year ammonium sulphate line, as well as increases to phosphate-based fertilizer capacities.
Andrey Guryev said: “This year we will be implementing the key phase of our strategy to 2020. The strategy aims to strengthen PhosAgro’s competitive advantages, including the efficiency of sales, while increasing production capacity and flexibility. Successful implementation of these strategic investment programmes will create a solid base for PhosAgro’s sustainable development for years to come.”
Key investment projects for upstream operations include the modernisation of ANOF-3. This project is due to be completed by 2016.
PhosAgro’s new sales strategy aims to bring the Company closer to its end customers by opening new trading offices in Latin America, Western and Eastern Europe.
The Company is also continuing to optimise its organizational structure, with the launch of a merger of subsidiaries Agro-Cherepovets, PhosAgro AG and Nordic Rus Holding into PhosAgro-Cherepovets.
The Board of Directors has called an Extraordinary General Meeting of Shareholders (“EGM”) for 3 April 2015 to approve a series of transactions related to PhosAgro’s day-to-day activities. The Board of Directors also approved the list of candidates for the new Board of Directors, which will be voted on by the Annual General Meeting of Shareholders (“AGM”). The list of candidates includes all sitting members of the Board.
The Board has also recommended that the AGM approve Centre for Tax Planning Korpus Prava as the Company’s Russian Accounting Standards auditor for 2015.