Phosagro plans gas-chemical complex in Russia

Russian fertiliser group Phosagro plans to invest in a new $2.5bn gas-fired chemical plant in Cherepovets, Russia.

Phosagro chief executive Maxim Volkov told Reuters the new plant will consume about two billion cubic metres of natural gas per year, which it expects to receive from Gazprom.

The company's plants in Cherepovets produce phosphate, nitrogen and mineral fertilisers as well as other chemical products, such as ammonia.

Russian petrochemical firm Sibur is a part-owner of Phosagro, having taken a stake as part of an initial public offering.