Indorama Port (IFC-38096)

Countries
  • Nigeria
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 22, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
OIS INDORAMA PORT LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 225.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 18, 2017

Disclosed by Bank Mar 18, 2016


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Project Description
In 2013 IFC provided Indorama with a $225 million A/B loan to support development of a new urea-based fertilizer plant within the confines of Eleme's existing 360 hectare site located west of central Port Harcourt. Current operations on this site include an olefins plant, a polyethylene plant, polypropylene plant, two nitrogen plants, four natural gas turbines and three steam turbines. The fertilizer plant is to be commissioned in April 2016 and includes an ammonia plant, urea plant and urea granulation plant that will produce 4,000 tons of granulated urea per day. In addition, a jetty is being constructed in the nearby Onne port for the export of fertilizer; this will be commissioned at the same time as the fertilizer plant. A new gas pipeline was commissioned for the new fertilizer plant as of February 2016, and is ready for operations. As part of IFC's investment in the fertilizer plant a detailed environmental and social (E&S) due diligence was undertaken of the plant, the jetty and gas pipeline; the latter two activities were included in the due diligence given they were considered associated facilities relative to the plant.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Company contact details: Hemant Deshmukh Fertilizer Operations Head Indorama Eleme Petrochemicals Ltd Eleme Petrochemicals Complex, Eleme East -West Expressway, Eleme PMB-5151, Port Harcourt, Rivers State Nigeria mailto:hdeshmukh@indorama.com.ng Mobile: +234:815-041-6928 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/