China's Anyang Indorama Secures RMB 2.4 Billion Financing to Expand Urea Capacity

en.Wedoany.com Reported - On September 22, Anyang Indorama Gas Co., Ltd. announced that it had signed a long-term loan agreement totaling RMB 2.4 billion (approximately USD 358 million) with a syndicate of five banks. The funds will be used for the Phase II fertilizer capacity expansion project in Anyang, Henan Province. The project is an expansion of the existing plant site and is planned to expand urea production capacity based on syngas and synthetic ammonia, raising the company's annual urea production capacity to approximately 2 million tonnes by 2029, doubling the current level.

The financing was jointly provided by OCBC Bank, Bank of China, Bank of Communications, Bangkok Bank (China), and China CITIC Bank, with OCBC Bank serving as the financing coordinator. The project financing arrangement has now entered the implementation stage, providing long-term funding support for the subsequent Phase II construction, equipment procurement, and capacity expansion.

Anyang Indorama Gas is a wholly owned subsidiary of Singapore's Indorama Group. Indorama completed the acquisition of Anyang Zhongying Fertilizer Co., Ltd. and Anyang Yingde Gas Co., Ltd. in January 2026; the two companies are collectively known as the Anyang nitrogen fertilizer business, with existing products including urea, synthetic ammonia, automotive urea, and industrial gases. The Phase II expansion is being implemented at the existing production base following the completion of the acquisition.

The project plans to increase existing urea production capacity from approximately 1 million tonnes per year to approximately 2 million tonnes per year through the addition and upgrading of production facilities. Indorama disclosed that the expansion will simultaneously adopt more efficient production processes, covering syngas, synthetic ammonia, and urea production, with the construction period extending through 2029.

The Anyang nitrogen fertilizer base is located in Anyang City, Henan Province, and is one of the region's large nitrogen fertilizer production bases. After completing the acquisition, Indorama positioned it as an important production platform for the group's fertilizer business development in China. After the Phase II expansion is completed, the additional capacity will remain primarily focused on urea, while production will be organized based on the existing synthetic ammonia, industrial gas, and supporting utilities systems.