(Bloomberg) -- The world’s biggest nitrogen fertilizer company may be increasing its market share in Latin America, one of the most important crop-producing regions, as supplies ebb from Russia.

Illinois-based CF Industries Holdings Inc. is planning to increase its overseas shipments to regions plagued by fertilizer shortages, including Latin America, said Chief Executive Officer Tony Will. Brazil is the No. 1 soybean and the No. 2 corn exporter globally.

“We seriously need to look at doing significant exports to Latin America to make up for the deficit that used to be sourced out of Russia,” Will said in an interview the week before a planned trip to the region.

There are fears of global fertilizer shortages, which could hurt harvests and add to food inflation that’s threatening to push millions of people into hunger. Some European companies have cut output of nitrogen fertilizer due to pricey natural gas, an ingredient. Potential sanctions on Russia, a big, low-cost shipper of fertilizer, could also halt trade flows. Russia has already urged domestic producers to reduce exports.

North American farmers have “ample” fertilizer for spring sowing, which in some regions has already begun, Will said. That will allow the company to up overseas sales, especially in the second half of the year.

CF is seeing a large influx of cash thanks to high fertilizer prices and is planning to return some of it to shareholders in a $1.5 billion share repurchase program. They’ll also use some of it to expand their position in clean energy. It’s looking to acquire companies that could help expand its North American production capacity for some types of ammonia. Ammonia — which doesn’t contain any carbon — is used in clean energy sources.

“The world is going to be short of ammonia,” Will said. “If you can decarbonize the production process of ammonia, you have a really sustainable clean energy source.”

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