Russian fertilizer sector to continue current investment projects after replacing expensive borrowed funds with its own - association head

NEW DELHI. Nov 12 (Interfax) - Russian fertilizer producers will continue to implement approved investment projects after replacing expensive borrowed funds with their own, head of the Russian Association of Fertilizer Producers Andrei Guryev told journalists.

"I think all industries are feeling the impact [of the high key interest rate] very sensitively. However, investments regarding which decisions have already been made will continue, but probably using their own capital, not borrowed funds. Because the rate does not allow for being active in [attracting] investments," he said.

Guryev confirmed the forecast for a 9% increase in fertilizer production in Russia this year to around 64 million tonnes.

"So far, companies are sticking with their investments. I think that this year we will produce about 64 million tonnes. Last year it was more than 59 [million tonnes]. I hope the positive dynamics will continue, especially since we can see that production in Russia is growing and new plants are being built," Guryev said in response to a question about expectations for 2025.