Indorama Eleme Fertilizer & Chemicals Limited Signs Project Financing Package for US$ 1.2 bln Greenfield Urea …

| February 18, 2013 | 0 Comments

DUBAI, UAE, Feb. 18, 2013 /CNW/ – Indorama Eleme Fertilizer Chemicals
Limited (IEFCL) has signed a financing package to construct a green
field US$ 1.2 billion urea fertilizer project in Port Harcourt,
Nigeria. The IEFCL project will play a large role in addressing
critical Nigerian and West African requirement for economically priced

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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

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 $500 million 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 $1.2
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 US$ 800 million in debt and US$ 400
million in equity.

The IEFCL Project

The IEFCL project consists of 2,300 tonnes per day ammonia plant, a
4,000 tonnes per day urea plant, a urea granulation plant, and
associated infrastructure utilities. IEFCL will also construct and
operate a gas pipeline. The ammonia and urea plant, both being built
under a contract with TOYO Engineering Corporation, will be located
within the Eleme complex in Port Harcourt, Nigeria.

SOURCE: Indorama Eleme

Culled from :Here

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