Argentina Lifts Import Duties on DAP

PJSC PHOSAGRO - Argentina Lifts Import Duties on DAP

PR Newswire

London, August 30

Argentina Lifts Import Duties on DAP

Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, is considering increasing sales of fertilizers to Argentina following the decision taken by Argentinian President Mauricio Macri to cancel the 6% import duty on high-quality diammonium phosphate (DAP) from Russia.

Andrey Guryev, CEO of PhosAgro, President of the Russian Association of Fertilizer Producers and Chairman of the Russian-Argentine Council of Entrepreneurs from the Russian side, commented:

“The joint efforts of federal authorities, including the Ministry of Foreign Affairs and the Ministry of Economic Development, as well as the intergovernmental Russian-Argentine commission for cooperation in trade, science and technology, the Russian Union of Industrialists and Entrepreneurs and the Chamber of Commerce and Industry have successfully upheld the interests of Russian business on the international arena by lifting restrictive measures on the trade of high-quality Russian mineral fertilizer products. We are grateful to the Argentine authorities for the constructive dialogue and willingness to bolster mutually beneficial cooperation between Russian and Argentine companies.

“To be sure, Russian fertilizer producers are not the only winners from such a decision; Argentine farmers and their customers will also benefit from additional volumes of 300-350 kt of high-quality DAP products that are free from potentially harmful contaminants.

“Agricultural products and mineral fertilizers, which are necessary for increasing the efficiency of agricultural production, together constitute one of the most important and largest areas of trade between Russia and Argentina. The Russian fertilizer industry views Argentina and the rest of Latin America as a high-priority market, alongside the Russian domestic market. In 2016, Russian fertilizer exports to Argentina grew by 1.6 times year-on-year to 521 kt, making up 43% of Russia’s overall exports to Argentina.

“The illogical situation in which high-quality Russian DAP, which is free from potentially harmful contaminants, was subject to import duties, while fertilizer containing harmful substances were allowed without being subject to duties, has now been resolved.”

For further information please contact:PJSC PhosAgroAlexander Seleznev, Head of Investor Relationsir@phosagro.ru+7 495 232 96 89 ex 21 87Timur Belov, Press OfficerAnastacia Basos, Deputy Press Secretary+7 495 232 9689EMSam VanDerlipvanderlip@em-comms.com+44 7554 993 032+7 499 918 3134Notes to Editors

PhosAgro is one of the leading global vertically integrated phosphate-based fertilizer producers. The Company focuses on the production of phosphate-based fertilizers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 39%), as well as ammonia and nitrogen-based fertilizers.

The Company is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia.

PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore. The Company's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertilizer and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia.

PhosAgro’s 2016 IFRS revenue was over USD 2.8 bln and EBITDA was USD 1.08 bln.

For further information on PhosAgro please visit: www.PhosAgro.com