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

Indorama Eleme Fertilizer & Chemicals Limited Signs Project Financing Package 
for US$ 1.2 bln Greenfield Urea Fertilizer Plant 
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 fertilizers. 
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 $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 $1.2 billion includes a 
port and gas pipeline.With a rich pipeline of projects, Indorama is aiming 
to create Africa's largest petrochemical hub in Nigeria", said Group Managing 
Director for Indorama Corp., Amit Lohia, adding, "IEFCL will play a key role 
in boosting Nigeria's crop yields going forward." 
"We would like to thank everyone who has made this project possible, from the 
Government of Nigeria to the authorities of Port Harcourt, with special 
appreciation to the lead lenders IFC, Stanbic, and Standard Chartered," Lohia 
Financing for the project includes US$ 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. 
Liz Bamford, IPN, +971(0)50-551-5971. 
SOURCE: Indorama  Eleme 
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CO: Indorama  Eleme
-0- Feb/18/2013 15:40 GMT
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