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Phosagro’s fertilizer production up by 4.3% to 5.7 mln tons in 1H2023 — company

In January-June, the company increased sales of fertilizers to North and Latin America and the CIS countries

MOSCOW, August 29. /TASS/. Fertilizer producer Phosagro increased the production of mineral fertilizers and other products by 4.3% year-on-year in the first half of 2023, to 5.7 million tons, the company said in a statement.

"In 1H 2023, production of mineral fertilizers and other chemicals increased by 4.3% year-on-year to over 5.6 million tons. This growth was driven primarily by an increase in DAP/MAP production during the ramp-up to design capacity at the production complex in Volkhov, which was built as part of the company’s comprehensive long-term development program," the statement says.

At the same time, the total sales of Phosagro products for the first half of 2023 decreased by 4.3% and amounted to about 5.5 million tons.

In January-June, the company increased sales of fertilizers to North and Latin America and the CIS countries.

The company notes that the excess of fertilizer production over sales volumes in the second quarter allowed to create a sufficient stock of products to meet the expected seasonal growth in demand in the third quarter from key sales markets in India, Brazil and other regional destinations in Asia and Latin America. The company's production plan for 2023 is 11.3 million tons.