Indorama arm signs $800-million finance pact to fund Nigeria project

Indorama Eleme Fertiliser & Chemicals Ltd, part of the Indorama Group, has signed a $800-million long-term financing agreement with 16 global financial institutions to fund its $1.2-billion fertiliser project in Port Harcourt, Nigeria. The greenfield project will produce 1.4 million tonnes of granulated urea a year using natural gas as feedstock from early 2016, the company said in a statement. Indorama Corporation, Singapore – the holding company of Indorama Group and Indorama Eleme Petrochemicals Ltd, Nigeria, will invest $400 million in the project.

indorama“We continue to see significant growth prospects in Africa and West Asia . After investing more than $500 million over the past several years, Indorama is setting the foundation to create Africa’s largest petrochemical hub in Nigeria,” said Amit Lohia, Group Managing Director, Indorama, in a statement.

-Hindu Business Line