PJSC PHOSAGRO - PhosAgro Completes RUB3.2bln Balakovo Investment Project
London, September 14
|For Immediate Release||14 September 2018|
PhosAgro Completes RUB 3.2 Billion Investment Project at Balakovo
PJSC PhosAgro (Moscow Exchange, LSE: PHOR) ("PhosAgro", the "Company"), one of the world's leading vertically integrated phosphate-based fertilizer producers, has commissioned an ammonia pipeline from the existing Tolyatti-Odessa pipeline to the liquid ammonia storage facility at JSC Apatit's Balakovo branch. Investment in the pipeline totalled RUB 524 million and was financed from the Company's own funds.
The commissioning ceremony for the pipeline was attended by PhosAgro CEO Andrey Guryev, Saratov region Governor Valery Radayev and regional Industry and Energy Minister Andrey Kulikov, JSC Apatit CEO Mikhail Rybnikov, PJSC Transammiak CEO Andrey Ivanov, Director of JSC Apatit's Balakovo subsidiary Alexey Gribkov, and head of the Balakovo district Alexander Solovyov.
"Today marks a milestone not just for this facility but for the whole of PhosAgro," Andrey Guryev said during the ceremony. "The completion of this project has helped to resolve a number of key issues for our future production growth. First of all, the ammonia pipeline is the most reliable and also flexible means to ensure uninterrupted ammonia supplies to the facility. Alongside the previously constructed liquid ammonia storage facility, the production site now has a modern solution that will enable it to function continuously while maintaining maximum output. We have also reduced our dependence on the road transport infrastructure, and significantly increased our technological and environmental security. The ammonia pipeline will be a significant factor in the long-term development of Balakovo."
The commissioning of the pipeline will reduce ammonia transportation costs and ensure high product quality. It will also allow for increased operational automation and process continuity, as well as reduced environmental impact.
In September 2017 PhosAgro launched an extensive programme of upgrade works at the Balakovo site to increase production capacities and operational efficiency. Work was completed in August 2018, and total investment volumes exceeded RUB 2.7 billion.