CORRECTED-Russian fertilizer maker Phosagro eyes expansion with $1.4 bln investment
(Corrects CEOs name in para 2 to Guryev (not Gutyev)
* Phosagro seeks 25 pct sales growth by 2020 -CEO
* Investment targets ammonia plant, mine expansion
By Ron Bousso
LONDON, Nov 27 (Reuters) - Russian fertilizer producer Phosagro plans to invest around $1.4 billion in a new plant and mine expansion by 2017 to increase sales by 25 percent over the next five years.
The phosphates and compound fertilizer maker aims to produce and sell more than 8 million tonnes of product by 2020 as it expands business in Asia, Latin America and Europe, chief executive officer Andrey Guryev said.
Phosagro is the world's third-largest producer of phosphate rock, an essential agricultural nutrient. It also sells compound fertilizer, a blend of processed phosphates, nitrogen, potash and often sulphur, known as NPK or NPKS.
The company aims at completing by 2017 an ammonia plant in Cherepovets, east of Moscow, with a capacity of around 760,000 tonnes per year, which will account for a large part of increased production.
Around $1.07 billion has been earmarked for new capacity construction by 2017, according to a presentation during Phosagro's investor day in London this week. Continuación...