DJ OJSC PhosAgro: PhosAgro Board of Directors Approves Climate Change and Water Strategies, 2021 Budget
OJSC PhosAgro (PHOR)
OJSC PhosAgro: PhosAgro Board of Directors Approves Climate Change and Water
Strategies, 2021 Budget
18-Dec-2020 / 18:15 MSK
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
For Immediate Release 18 December 2020
PhosAgro Board of Directors Approves Climate Change and Water Strategies,
2021 Budget
Moscow - The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR),
one of the world's leading vertically integrated phosphate-based fertilizer
producers, has approved the Company's draft budget for next year.
Commenting on the results of the meeting, Andrey Guryev, PhosAgro's CEO and
a member of the Company's Board of Directors, said: "the Company's approved
budget reflects PhosAgro's commitment to bolstering its status as one of the
most efficient producers of mineral fertilizers in the global industry and
to continuing its steady development by further expanding the Company's
production capacities and solidifying its vertical integration.
"The total volume of capital investment for next year is expected to be
around RUB 41.5 billion (excluding capital repairs). Key projects include
further development of mining operations; construction in Volkhov of a
state-of-the-art phosphate-based fertilizers production facility and
supporting infrastructure, including a power plant; implementation of the
second stage of development at the Balakovo branch of PhosAgro; and the
development of aluminium fluoride capacities in Cherepovets."
The Board of Directors also approved the Company's climate and water
strategies and adopted a low-carbon transition plan as the basis. The main
focal areas in terms of reducing greenhouse gas emissions include cutting
the Company's own emissions and emissions throughout the value chain, as
well as implementing energy-efficiency measures at the Company's production
and infrastructure facilities.
In addition, the Board of Directors approved an updated list of the
Company's priority UN Sustainable Development Goals (SDGs). In line with the
Company's adoption of a carbon strategy and low-carbon transition plan, SDG
13 (climate action) was added to the 10 goals the Company had previously
approved.
According to Irina Bokova, an independent member of PhosAgro's Board of
Directors and Chair of the Company's Sustainable Development Committee, "the
Company's adoption of climate and water strategies, as well as a low-carbon
transition plan, and the increase in the number of priority SDGs confirm
that environmental responsibility and the fight against climate change are
an integral part of the Company's day-to-day operations.
"The investment programme aimed at modernisation and production efficiency
is designed with the Company's environmental footprint in mind, which will
enable the Company to reduce its direct greenhouse gas emissions. There is
still a great deal to be done: PhosAgro plans to reduce emissions together
with suppliers, for which we are developing a 'green procurement' system. We
are developing solutions for the entire value chain - from factory to farm
and from farm to fork - that will increase the sustainability of the entire
production and consumption system."
The Board of Directors also approved the 2021 work plan for the Company's
Internal Audit Department and took note of details related to information
security and cyber-risk management within the Company. Based on a proposal
from the Audit Committee, the Board of Directors approved
PricewaterhouseCoopers ("PwC")as the Company's IFRS auditor for its 2021
financial statements, and recommended that PhosAgro's CEO sign a contract
with PwC.
About the company
PhosAgro ( www.phosagro.ru [1]) is one of the world's leading vertically
integrated phosphate-based fertilizer producers in terms of production
volumes of phosphate-based fertilizers and high-grade phosphate rock with a
P2O5 content of 39% and higher. PhosAgro's environmentally friendly
fertilizers stand out for their high efficiency, and they do not lead to the
contamination of soils with heavy metals.
The Company is the largest phosphate-based fertilizer producer in Europe (by
total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of
high-grade phosphate rock with a P2O5 content of 39%, a top-three producer
of MAP/DAP globally, one of the leading producers of feed phosphates (MCP)
in Europe, and the only producer in Russia, and Russia's only producer of
nepheline concentrate (according to the RAFP).
PhosAgro's main products include phosphate rock, more than 50 grades of
fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which
are used by customers in 102 countries spanning all of the world's inhabited
continents. The Company's priority markets outside of Russia and the CIS are
Latin America, Europe and Asia.
PhosAgro's shares are traded on the Moscow Exchange, and global depositary
receipts (GDRs) for shares trade on the London Stock Exchange (under the
ticker PHOR). Since 1 June 2016, the Company's GDRs have been included in
the MSCI Russia and MSCI Emerging Markets indexes.
More information about PhosAgro can be found on the website: www.phosagro.ru
[1].
ISIN: US71922G2093
Category Code: MSCH
TIDM: PHOR
LEI Code: 25340053KRUNNYUWF472
Sequence No.: 90014
EQS News ID: 1156421
End of Announcement EQS News Service
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(END) Dow Jones Newswires
December 18, 2020 10:15 ET (15:15 GMT)
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