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KfW IPEX-Bank finances Turnkey Petrochemical Complex in Trinidad & Tobago
Frankfurt/Main, Germany (ots) -
KfW IPEX-Bank finances the construction of a plant for the production of petrochemical products in Trinidad & Tobago. The new industrial complex is designed to produce up to 1.48 million tonnes of urea-ammonium nitrate, a liquid fertilizer, annually as well as up to 60,000 tonnes of melamine - a substance used for the surface coating of furniture, among others. The plant will be built by the German Essen-based MAN Ferrostaal AG on behalf of Methanol Holdings (Trinidad) Ltd., Point Lisas/Trinidad & Tobago.
Financing for the project will be provided under a structured transaction in the volume of approximately USD 1.25 billion. Thus, the project represents the largest transaction carried out in the private sector in Trinidad & Tobago up to now. KfW IPEX-Bank acts as sole arranger and underwriter of the structured transaction. As lead manager it has invited a selected group of European banks to participate in the financing of the transaction. In June 2006 the Interministerial Committee of the German government granted a manufacturing risk and export credit guarantee for the project.
The construction works for this new petrochemical complex, which will be one of the largest plants of this type in the world, is scheduled to start in the fourth quarter of 2006 at an existing industrial estate in Point Lisas. The construction period will last roughly three years. MAN Ferrostaal AG has already erected several methanol and ammonia plants at the same location, which were also financed by KfW IPEX-Bank. The results of the environmental impact analyses, which are conducted on the basis of the World Bank's environmental standards, were positive for all these projects. These environmental standards will be strictly adhered to also in the financing for the new petrochemical complex.
The raw material for the production at the new petrochemical plant is natural gas, which is extracted off the coast of Trinidad & Tobago. The gas is converted into ammonia and urea and finally processed into urea-ammonium solution and melamine. Most of the products are to be exported to the United States and Europe. Owing to its natural gas deposits, its investor-friendly environment and its proximity to the target market USA, Trinidad offers ideal conditions for building up a petrochemical industry.
About KfW IPEX-Bank
Within KfW Bankengruppe KfW IPEX-Bank provides project and corporate finance and offers trade and export finance in Germany and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are done on commercial terms. It has been run as a legally dependent bank within KfW Bankengruppe since January 1, 2004 and as of January 1, 2008, will be separated into a legally independent subsidiary. In the year 2005 KfW IPEX-Bank made new commitments for total of EUR 12.1 billion.
For further information:
Christine Volk, Tel.: +49(0)69 7431-3867, E-Mail: email@example.com