Rustavi Azot Indorama Energy-Efficient Fertilizer Project (ADB-59018-001)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Georgia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Rustavi
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 30, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
JSC Rustavi Azot
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Energy
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ ADB website

Updated in EWS Jan 20, 2026

Disclosed by Bank Sep 30, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the ADB, the project aims to enhance RAI's operating efficiency by replacing outdated, energy-consuming equipment with state-of-the-art, energy-efficient technology, as well as optimizing natural gas and electricity consumption. The plant upgrades will also help improve the quality of fertilizers produced. The resulting improved quality of fertilizers will support agriculture in Georgia and regional countries, including Armenia, Azerbaijan and other ADB DMCs.

The project will finance the following for RAI: (i) capital expenditures (capex) to modernize and refurbish an existing high-density ammonium nitrate (HDAN) production facility, and to support energy-efficient capex; and (ii) working capital. HDAN is a nitrogen-rich fertilizer used to promote vigorous plant growth and improve crop yields. The accompanying TA will support sustainable inclusive farming practices to improve climate resilience and productivity of farmers, including female farmers. It will also improve access to fertilizers, build farmers' functional financial literacy, and encourage the efficient use of fertilizers to preserve soil health.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The ADB categorized the project E&S risks as follows:

Environment - B
Involuntary Resettlement - C
Indigenous Peoples - C

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the company's LinkedIn profile:

Established in 1956, JSC Rustavi Azot is one of the largest producers of fertilizers and industrial chemical products in the Caucasus region. JSC Rustavi Azot's key product is ammonium nitrate, predominantly used in agriculture as a high-nitrogen fertilizer. The company also produces sodium cyanide, which is mainly used in gold leaching process. Plant is located in Rustavi (Southeast of Georgia) and has excellent access to transport infrastructure to export its products via railway and Black Sea ports. JSC Rustavi Azot's sales are predominantly export-oriented.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
INDORAMA CORPORATION PTE. LTD. Parent Company Industry and Trade owns Rustavi Azot JSC Client Industry and Trade

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

ADB Team Leader:

Noorullah
Email: nullah@adb.org 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

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How it works