Azomureș starts biggest investments since privatisation of the complex: 115m dollars

The management of Azomureș Târgu Mureș (AZO) producer of chemical fertilisers, controlled by several Turkish investors, has convened the general meeting of shareholders to approve an investment project worth 115m dollars (82m euros), the largest investment since the company’s privatisation in 1998.
The project entails the modernisation of the main production installations, with a view to boosting capacity and cutting raw material consumption, according to the report published by Azomureș management.
The company will cover around 30m dollars from its own sources, with the rest of 85m dollars to come from banking loans.
The announcement comes as the Economy Ministry is set to decide next week whether to extend the incentive granted to domestic fertiliser producers of consuming only natural gas from domestic production, which is cheaper.
The investments would allow the company to operate significant savings and improve its profitability, becoming less sensitive to changes in international prices of chemical fertilisers.