PJSC Acron signed an Investment Protection and Promotion Agreement with the Russian Ministry of Economic Development and the Government of Novgorod Region for its project to build an ammonia and urea complex at the Group’s Novgorod site.
The project includes construction of a new facility capable of producing 1.6 million tonnes of urea and 300,000 tonnes of commercial ammonia each year. Capital investments are expected to total RUB 106 billion. Up to 2,000 new jobs will be created during the construction stage, and 328 high-skill jobs will open up after the launch of the facility.
‘The new complex is positioned to become the largest ammonia and urea facility in Europe’, said Chairman of Acron’s Board of Directors Alexander Popov. ‘The project will expand the nation’s export of non-primary non-energy commodities and will help make Russian products more competitive in the global market’.