PhosAgro, one of the world’s leading vertically integrated phosphate-based fertilizer producers, announced that its board of directors has approved the company’s updated strategy through 2020 and its key focus areas for development in 2017.

In his remarks before the board of directors, Phos-Agro CEO and member of the board of directors Andrey Guryev said, “The company’s strategic development goals in the coming years will be sales and production capacity expansion in priority markets of Russia and the C.I.S., Europe, Latin America, as well as in other countries with favorable pricing.”

Traditional focus areas supporting the company’s organic growth include projects to increase Phos-Agro’s feedstock self-sufficiency, a deeper processing of mineral raw materials, flexible production and sales, as well as continued efforts to reduce costs, optimize business processes, and decrease per-unit consumption of natural gas at our plants.

In the coming year, one of PhosAgro’s key objectives will be to complete and commission a new high-tech 760-thousand-ton-per-year ammonia production facility and a 500-thousand-ton-per-year granulated urea line. The plan is to commission these units in the third quarter of 2017. PhosAgro’s plan through 2020 focuses on developing the group’s mineral base and the expansion of beneficiation capacities at Apatit, modernizing sulfuric and wet-process phosphoric acid production facilities, as well as building an ammonia pipeline at Balakovo. PhosAgro plans to expand further its product slate while at the same time increasing sales through its own distribution network instead of using third-party traders.

“In addition, the PhosAgro Group will continue to fulfil its obligations with respect to social projects and the investment community,” Mr. Guryev said. “Executing our updated 2020 strategy will enable PhosAgro to retain its leading position both on the Russian market and as a top-three low cost phosphate fertilizer producer globally,” the executive concluded.

At its December 2016 meeting, the company’s board approved the entity’s 2017 budget, as well as several related-party transactions. The board has proposed an extraordinary general meeting on January 16, 2017 to approve updates to the company’s charter as it relates to new standards in the federal law on joint-stock companies governing large and related-party transactions.