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PhosAgro could invest over $400 mln in 2012

9 February 2012

PhosAgro, Russia`s largest producer of phosphate fertilizers, could invest $400 million in its business in 2012, the company`s chief executive, Maxim Volkov said in an interview with Interfax.

"Investment in fixed assets in 2012 is planned at the level of $400 million. These are funds for modernization and development of existing production facilities, ensuring industrial safety, improving the reliability of equipment and the environment," Volkov said.

However, this figure could be adjusted, he added. "If an agreement is reached with Gazprom, the company is prepared to begin the implementation of a project to build a new ammonia unit in Cherepovets in 2012 already," Volkov said.

He also said that PhosAgro plans to consolidate those production units of Metakhim that are consistent with the company`s core business by the end of this year. The company is already working on a program to develop the enterprise. It is considering setting up production of NPK fertilizers and pure phosphoric acid at this site, as well as phosphate-potassium fertilizer, which would be a new product for PhosAgro, Volkov said.

"I think that by the end of the first quarter we will complete the development of the program to develop the enterprise," Volkov said.

PhosAgro acquired 24% of Metakhim and 21.85% of Pikalevo Soda for $11 million.