Borealis, Agrifos jointly develop ammonia plant in US

Borealis, Agrifos to jointly develop ammonia plant in US

5:04 PM, 21st May 2015
Borealis, Agrifos to jointly develop ammonia plant in US

VIENNA, AUSTRIA: Borealis AG and Agrifos Partners LLC, a project development company, said that they have agreed to jointly develop a world-scale ammonia project through Gulf Coast Ammonia LLC (GCA) - the company formed by Agrifos to develop an ammonia plant along the Texas Gulf Coast. The plant will be located within an existing chemical site along the Texas Gulf Coast. GCA is in final negotiations with a short list of strategic site owners and expects to make a final site selection within the coming few months.

The brownfield, hydrogen-based project is scheduled for mechanical completion and start-up in early 2019. Borealis would also enter into a long-term offtake agreement for approximately 40 percent of the ammonia produced by the plant.

“By participating in the development, construction and offtake from a world-scale project in the US, Borealis is able to secure long-term supplies of ammonia based on the attractive economics of US natural gas. It also is a key step in the Borealis goal to sell 10 million tonne of nitrogen-based fertilizer products per year by 2020,” said Markku Korvenranta, executive vice president, base chemicals, Borealis.

GCA has engaged Macquarie Capital to serve as its financial advisor for the arrangement of a non-recourse project financing and Vinson & Elkins LLP as legal counsel.

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