Indorama Eleme Fertilizer and Chemicals Limited signs project financing package for $1.2bn greenfield urea fertilizer plant
- United Arab Emirates: Saturday, February 23 - 2013 at 11:52
- PRESS RELEASE
Indorama Eleme Fertilizer & Chemicals Limited (IEFCL) yesterday signed a financing package in Dubai to construct a green field $1.2bn urea fertilizer project in Port Harcourt, Nigeria.
Developed by Indorama Corporation Pte Ltd. (Indorama - a leading global producer of petrochemicals) and Indorama Eleme Petrochemicals Limited (Eleme - the second largest polyolefins producer in Africa), IEFCL will substitute fertilizer imports to address Nigeria and West Africa's growing demand for fertilizer by utilizing Nigeria's vast hydrocarbon reserves. Given its highly competitive cost and logistical position, IEFCL will also export urea to North American and Latin American markets.
The state-of-the-art facility will produce over 4000 metric tonnes per day of high-quality, granulated urea, an amount capable of meeting the entire domestic Nigerian demand.
"We continue to see significant growth prospects in Africa and Middle East. After investing more than $500m over the past several years, Indorama is now setting up the world's largest Urea plant at its petrochemical complex in Nigeria. The investment of more than $1.2bn includes a port and gas pipeline. With a rich pipeline of projects, Indorama is aiming to create Africa's largest petrochemical hub in Nigeria", said Group Managing Director for Indorama Corp., Amit Lohia, adding, "IEFCL will play a key role in boosting Nigeria's crop yields going forward."
"We would like to thank everyone who has made this project possible, from the Government of Nigeria to the authorities of Port Harcourt, with special appreciation to the lead lenders IFC, Stanbic, and Standard Chartered," Lohia added.
Financing for the project includes $800m in debt and $400m in equity.
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