Gov. Bobby Jindal and EuroChem CEO Dmitry Strezhnev say the Moscow-based company is looking at two sites. One is in Iberville Parish, near Baton Rouge, and one in St. John the Baptist Parish, which is between New Orleans and Baton Rouge.
Louisiana Economic Development says the facility will have 200 employees and an $11.6 million payroll.
Construction is expected to take four years and employ about 2,000 people.
The plant will be Eurochem's first in the Americas. The company owns plants and mines in Russia and plants in Lithuania and Belgium, and has trading offices in Tampa, Fla., and Sao Paulo, Brazil.