DFF - Kokand Fertilisers GET Capex (EBRD-51197)

Countries
  • Uzbekistan
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Jan 24, 2020
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
Indorama Kokand Fertilisers and Chemicals JSC
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 22.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 29, 2020

Disclosed by Bank Jan 24, 2020


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Project Description

According to the Bank's website, this project provides financing for the modernization and implementation of an energy-efficient capex programme for the recently privatized JSC Indorama Kokand Fertilizers and Chemicals (previously JSC Kokand Superphosphate Plant).

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

According to the Bank's website, Indorama Holdings B.V. currently owns 95.54 percent of the company. The remaining shareholding belongs mainly to current and former company employees. Indorama Holdings B.V. is a wholly-owned subsidiary of Indorama Corporation Pte. Ltd., domiciled in Singapore ("IRC").

IRC is the holding company of Indorama Group, one of Asia's leading industrial conglomerates with wide interests in petrochemicals, fertilisers and related downstream businesses.  IRC is wholly-owned for the benefit of Mr. S.P. Lohia and his family. Indorama Group was established in 1975 in Indonesia. It is West Africa's largest of petrochemicals, including olefins, polyolefins, phosphoric acid, phosphate fertilisers, ammonia, and urea, and one of the world's largest producers of synthetic disposable gloves.

Together with its associate, Indorama Ventures Public Company Limited, domiciled in Thailand, Indorama Group is the world's leading producer of polyester and the leading producer of polyester feedstock (PX, PTA, and MEG) and man-made fibers. Its manufacturing activities are spread across 136 sites in 37 countries with a total sales volume of almost 25 million tons a year and annual sales value of over US$15 billion.

Contact Information

Mr. Rahul Singh
rsingh@indoramaglobal.com
+998 71 2332264
www.indorama.com
11/1 Amir Temur Avenue, Mirobod district, 100100 Tashkent, Uzbekistan

ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.