Natural gas derived products specialist Proman has announced the financial close of a $1.5bn investment in a 2,220 tonnes per day ammonia plant in Topolobampo, Mexico.
The investment will expand Proman’s production capacity to 2.8 million tonnes per annum, at a time when fertilizers have a critical role to play in the agricultural sector in the country.
KFW IPEX was the lead arranger of project financing, putting together a banking consortium of seven lenders and ECA coverage with Euler Hermes.
David Cassidy, Chief Executive of Proman, described the news as an important milestone.
He added, “We are grateful to KFW for their critical role in arranging this financing and for their support over the last 30 years of doing business together. Proman is excited to be expanding in Mexico.”
Construction of the complex will begin immediately.
Anhydrous ammonia is a chemical compound. It is a colourless, pungent gas composed of one nitrogen atom bonded to three hydrogen atoms. The term “anhydrous” means without water, meaning the produce is a pure ammonia gas.
CO2 Summit 2023
Shortages and sourcing challenges are the headline stories everyone’s talking about in CO2 supply. But the whole carbon dioxide value chain is transforming – as this story itself demonstrates.
Applications are not only emerging and evolving but demanding more of the industry and its sourcing too. That calls for new thinking in CO2 storage and distribution, but it also raises questions over the tracking and management of supply chains. How we see CO2 is changing, shifting from waste disposal to a value chain in its own right. This will see the tonnage utilisation of CO2 evolve beyond recognition.
Join gasworld this September as our North American CO2 Summit 2023 assesses the threats, challenges and opportunities ahead in carbon dioxide – how we find it, source it, purify it and deliver it. Learn about the changing face of CO2; the opportunities in direct air capture (DAC); supply chain strategies; carbon credits and legislation; and so much more.
Tickets are selling fast and sold-out early last year, so book your place now. For more information and how to attend, visit https://gasworldconferences.com/conference/north-american-co2-summit-2023-indianapolis/