PhosAgro completes registration of Swiss trading company
MOSCOW. April 8 (Interfax) - PhosAgro has completed the registration of PhosAgro-Trading s.a. in Switzerland, CEO Andrei Guryev said in an interview with Interfax.
"This will be a sort of headquarters for all our export sales, both in Europe and in Latin America, where we will open a representative office. The new company is currently being staffed," he said.
The office in Latin America will being operating soon. Legal issues are currently being resolved, he said.
PhosAgro expects to export the same amount of product to those markets this year as it did last - 2.5 million-2.7 million tonnes of all fertilizer types - although the actual volumes may be adjusted depending on deliveries to other markets, such as India.
Opening trading offices in key export markets is part of the strategy PhosAgro approved last year. The company plans to concentrate on sales growth in the two regions - Europe and Latin America (Sao Paulo) until 2020. It initially announced that the European trading company would be domiciled in Brussels, before settling on Switzerland, which has traditionally been a more popular jurisdiction for Russian trading companies.
PhosAgro plans to increase compound fertilizer sales in Europe by 670,000 tonnes to 940,000 tonnes and targets urea sales to increase by 330,000 tonnes to 400,000 tonnes.