PhosAgro to approve strategy to 2030 in 2025, no FID yet on ammonia-urea project

ST. PETERSBURG. June 10 (Interfax) - PhosAgro plans to approve a strategy for the development of its capacity to 2030 next year, the Russian fertilizer company's CFO, Alexander Sharabaiko told reporters on the sidelines of the St. Petersburg International Economic Forum.

"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 [of the strategy for the next five years] as further increasing ore mining. 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," he said.

One of PhosAgro's main projects to 2030 was previously expected to be the construction of a new complex in Cherepovets with capacity to produce about 1 million tonnes of ammonia and up to 1 million tonnes of urea per year. The company announced plans to build such a plant in 2021, and last year PhosAgro management said negotiations were being held with Chinese licensors.

Sharabaiko said a final investment decision on this project has not been made yet and he declined to comment further.