Indorama Corporation is moving ahead with a major expansion of its fertilizer operations in China after securing RMB 2.4 billion (about US$358 million) in long-term financing for a new capacity expansion project in Henan Province.
Anyang Indorama Gases Co., Ltd., a wholly owned subsidiary of Singapore-based Indorama Corporation Pte. Ltd., signed the long-term loan facility with a consortium of five leading Chinese banks to finance the Phase II expansion of its fertilizer operations in Anyang City.
The brownfield expansion, which follows Indorama’s acquisition of the Anyang nitrogen fertilizer business earlier this year, is expected to double the site’s urea fertilizer capacity to approximately 2 million tonnes per year by 2029. The expanded operation will produce urea starting from syngas and ammonia.
Indorama said the project will also introduce more energy-efficient production processes and strengthen the reliability of domestic fertilizer supplies, supporting food security in China.
The financing was provided by OCBC Bank Limited, Bank of China Limited, Bank of Communications Co., Ltd., Bangkok Bank (China) Company Limited and China CITIC Bank Co., Ltd. OCBC Bank acted as Coordinator and Facility Agent, while Sumitomo Mitsui Banking Corporation (China) Limited served as Security Agent.
The loan will partially fund the development and construction of the expansion project.
Amit Lohia, Group Vice Chairman, Indorama Corporation, said: “This transaction is an important milestone in Indorama’s growth strategy and reflects the confidence of leading international and Chinese financial institutions in our business. Building on our acquisition of the Anyang business, it strengthens our fertilizer platform in one of the world’s most important markets and reinforces our commitment to supporting food security. We deeply value our banking partners’ support and look forward to advancing Indorama’s continued global growth.”
Chai Wei Joo, Country Head (China), Indorama Corporation, said: “We deeply value the trust and partnership of our banking partners in China. This financing supports the expansion of our fertilizer capacity in Henan Province, reinforcing Indorama’s role as a key industrial contributor to China’s economy and national food security. It is an important step in our continued growth in China, and we look forward to investing further in the country.”
OCBC Bank Managing Director and Head of Corporate Banking China Seth Tan said: “We are pleased to participate in and coordinate this financing alongside our partner banks in support of Indorama’s investment in Henan Province. The project represents an important industrial investment that will contribute to increased fertilizer production and domestic supply. Building on our 14-year partnership with Indorama, we are pleased to further strengthen our support for the Group in China and look forward to deepening our relationship across China and Asia.”
LUAN Lin, Senior Credit Approver, Bank of China Limited - Suzhou Branch, said: “We are delighted to begin our relationship in China with Indorama through this financing. As a significant investor in Henan Province, Indorama is making an important contribution to the Chinese domestic economy as well as contributing to food security, and we look forward to supporting the Group’s growth in China in the years ahead.”
Bank of Communications Co., Ltd. said: “This loan signing marks the beginning of our partnership with Indorama, and we are pleased to support its investment in Anyang. The project will help strengthen domestic fertilizer supply and regional industrial development, and we look forward to further deepening our cooperation with the Group.”
Sitthichai Jiwattanakul, CEO, Bangkok Bank (China) Company Limited, said: “We are delighted to deepen our decade-long partnership with Indorama Group as it pursues its strategic expansion in China. This financing reflects our confidence in the Group’s vision and our ongoing support for its growth both regionally and globally.”
Huang Qin, China CITIC Bank Co, Ltd.– Anyang Branch, said: “We are pleased to establish our relationship with Indorama through this landmark financing. The project brings valuable investment and capacity to Henan Province, and we look forward to building a strong, long-term partnership with the Group.”
The expansion marks a significant step in Indorama’s broader push to build its fertilizer business in China. With the Anyang acquisition and the planned Phase II investment, the company is positioning the site for substantially higher production while targeting greater energy efficiency and a stronger contribution to domestic fertilizer supply.
