USD1.1 billion project financing for fertilizer plant extension (oil & gas)

Jul 31, 2018

Standard Bank was appointed as joint mandated lead arranger alongside the International Finance Corporation (IFC). The total debt financing required for this expansion project was raised from a consortium of commercial banks and development financial institutions. 

In addition to acting as mandated lead arranger, Standard Bank Group was appointed to additional roles, namely offshore security agent (Standard Bank South Africa), onshore security trustee (Stanbic IBTC Trustees) and account bank role (Stanbic IBTC Bank). 

Indorama Eleme Fertilizer & Chemicals’ first project resulted in the world’s largest single train integrated urea plant and first major fertilizer export plant built in Nigeria. Following the successful implementation of this project, Indorama sought to expand the plant and double the capacity to 2.8 million tons, which required additional project financing. 

The plant is groundbreaking in that it will bring about a green revolution in the agriculture sector, not only in Nigeria but also in other parts of Africa and for the world at large. Aside from making fertilizer products available at an affordable cost, the plant will boost crop productivity and significantly assist in minimizing the food grain deficit in Nigeria and other countries. The plant has also generated considerable employment opportunities; thus, contributing to the economic prosperity of Nigeria. 

Indorama Corporation is a global manufacturing conglomerate based in Singapore and operating in over 30 countries across Asia, Europe, Africa and North & South America. It is the largest producer of polyolefins in West Africa, the largest producer of fertilizers in sub-Saharan Africa and one of the largest producers of synthetic disposable gloves in the world. 

Standard Bank has proven sector capability in project financing and will continue to support growth and development for African economies.

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