During the St. Petersburg International Economic Forum (SPIEF 2019), Acron Group and the government of Novgorod region executed a letter of intent to implement investment projects in Novgorod region. The document was signed by Acron’s CEO Vladimir Kunitsky and Governor of Novgorod Region Andrey Nikitin.
Acron Group plans to invest a total of USD 219 million in large-scale projects. Some of the projects are related to upgrading existing capacity at the Ammonia-4, Urea-6, AN and NPK units. The Group also intends to build new nitric acid units, as well as urea granulation and calcium nitrate (CN) units at its production site in Veliky Novgorod.
“We are currently in the active phase of implementing the Group’s updated development strategy through 2025, which we adopted in 2017. In 2019, we will commission new nitric acid units and a urea prilling unit at our production site in Veliky Novgorod. By 2020, Acron plans to launch additional capacity there, which will create new jobs and contribute to the region’s social and economic development. We are grateful to Novgorod region’s administration for building a favourable investment climate and supporting our projects,” said Chairman of Acron’s Board of Directors Alexander Popov.
Governor Andrey Nikitin voiced optimism about the future of the facility. “Veliky Novgorod-based Acron is a major production company in the region. It continuously increases its output of mineral fertilisers that are essential to agriculture and expands its exports. The Company also upgrades production processes and focuses on social efforts and environmental safety. Acron previously signed a cooperation agreement on research and innovation with the Government of Novgorod region and Yaroslav-the-Wise Novgorod State University”.