Official actions
Phosagro plans $2.5 billion chemical complex
07.10.2011 08:30
http://www.guardian.co.uk
2011-09-05
Russian fertiliser group Phosagro plans to invest in a new $2.5 billion gas-fired chemical plant in Cherepovets, chief executive Maxim Volkov said on Monday.
Phosagro, whose chairman Vladimir Litvenenko supervised Russian Prime Minister Vladimir Putin's PhD thesis, raised $538 million in a London initial public offering in July.
Volkov said he planned to seek approval for the project from Putin, who is attending a United Russia party conference in Cherepovets, an industrial centre in northwestern Russia.
Volkov said the plant will consume about 2 billion cubic metres (bcm) of natural gas per year, which it expected Gazprom to supply.
Gazprom has thus far refused to supply the additional volumes, though Volkov expected that the project can proceed if Putin backed it.
Phosagro's plants in Cherepovets produce phosphate, nitrogen and mineral fertilisers as well as other chemical products such as ammonia.
Russia's largest petrochemical firm Sibur is also a part-owner of Phosagro, having taken a stake as part of the IPO.
Fertiliser has been a hot target for investors in recent months due to an expected tightening of the world's food supplies amid rising populations and unpredictable weather.
Больше новостей втелеграм канале Правительства
Вологодской области