PhosAgro is Europe’s largest producer of phosphate-based fertilisers, the world’s largest producer of high-grade phosphate rock and the world’s second largest producer of MAP and DAP (the two main phosphate fertilisers).

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The group’s products are essential for plant growth and animal nutrition and it exports widely to farming industries in the Americas, Europe and Asia. The company has 10,000 employees and, in 2022, reported a group revenue of USD 7 billion and operating profit of USD 3.2 billion (April 2023 currency values).

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PhosAgro shares are traded on the Moscow Stock Exchange and it has a secondary listing in London. The company’s market capitalisation is around USD 11.4 billion (April 2023 stock market value).

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When Mr Gorbachev took over PhosAgro’s predecessor company, Apatit, in the 1990s, it was on the verge of bankruptcy. By 1998, it was debt-free, allowing Mr Gorbachev to create the new entity, PhosAgro, the following year.