IFC to Provide $18MM To Retrofit Urea Plant

Chemical Market Reporter, February, 1997

INTERNATIONAL FINANCE Corporation (IFC), Washington, D.C., has signed an agreement to provide $18 million in loans to Engro Chemical Pakistan Ltd. for a $59 million project which will enable Engro to retrofit its gas-based ammonia urea plant in order to improve energy efficiency, increase capacity and reduce emissions.

Engro is Pakistan's second largest producer of urea with a 21 percent share of the local market. The company's original plant, with a capacity of 268,000 metric tons per year of urea, was built in the 1960s. In 1991, IFC helped Engro finance an expansion of the plant to 600,000 tons and Engro has since completed a further debottlenecking to 750,000 tons. The retrofit project will boost the plant's capacity to 850,000 tons.