PhosAgro capex planned at 25 bln rubles in 2017
MOSCOW. Jan 16 (Interfax) - PhosAgro's capex is planned at 25 billion rubles in 2017 which the company will invest in upstream and downstream operations, the fertilizer producer said in a statement.
"The completion of two major investment projects due in 2017 - the high-tech ammonia and urea lines - is expected to increase production output and income from sales, with the resulting growth in free cash flows likely to have a positive impact on future dividend payments," said Andrei Guryev, CEO.
"We plan to invest 25 billion rubles into the development of our mining, beneficiation, and downstream production plans in the year ahead," he said.
Planned capex was 43 billion rubles in 2016. This will fall in 2017 due to the fact that PhosAgro is completing its main investment projects: it is planning to commission an ammonia unit in Cherepovets with a capacity of 760,000 tonnes and a urea unit for 500,000 tonnes, the company has said.