Russian chemical holding company PhosAgro plans to invest 78 bln rubles ($1.2 billion) in fertilizer production projects as part of the framework of projects development initiative.

The production projects include seven programmes for the construction of mineral fertilizer production facilities. One of them is the construction of Metakhim plant for about $378 million.

The deal comes as the government spearheaded the allocation of bumper profits for mining, chemical and petrochemical firms for major state projects.

In 2017, PhosAgro has generated $3.11 billion in revenue and $919 million in operating income.