This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

DUBAI, UAE, February 18, 2013 /PRNewswire/ --

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.

     (Logo:  http://photos.prnewswire.com/prnh/20130218/594830-a )      (Photo:  http://photos.prnewswire.com/prnh/20130218/594830-b )      (Photo:  http://photos.prnewswire.com/prnh/20130218/594830-c )

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 added.

Financing for the project includes US$ 800 million in debt and US$ 400 million in equity.

The IEFCL Project

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,912.49 +107.69 0.60%
S&P 500 2,075.12 +4.47 0.22%
NASDAQ 4,776.9260 +11.5460 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs