Argus Media is reporting that Australia-based fertilizer producer Incitec Pivot (IPL) will close its Portland, Victoria, single super phosphate (SSP) plant in May.
JSC Apatit, the company’s phosphate fertilizer enterprise located in Cherepovets, Russia, has incorporated JSC Metachem, an enterprise located in Volkhov and JSC PhosAgro-TRANS, a freight-forwarding company in Cherepovets.
Total investment in the project is estimated at RUB 23 billion. The project is due to be completed by 2023.
Andrey Guryev, PhosAgro CEO, said that the company had increased production of fertilizers and feed phosphates by 7.6% y/y.
The Russian-based mineral fertilizer distribution network developed by PhosAgro Group supplied 2.93 million t to the Russian market last year.
This is the second PhosAgro office in Latin America, with the first opened several years ago in Sao Paulo, Brazil.
Andrey A. Guryev, PhosAgro's CEO, spoke at a panel session titled ‘Innovations and technologies as a factor of export development’.
The company’s revenue in 3Q18 rose by 35% y/y to RUB 62.8 billion (US$958 million), while EBITDA grew by 72% y/y to RUB 23.4 billion (US$357 million).
The company’s Board of Directors made the recommendation after reviewing PhosAgro’s financial and operating performance for the first nine months of 2018.