Wednesday, February 20, 2013
Allen & Overy has advised its regular client, the Indorama group, on the development and financing of a USD1.2bn fertiliser plant and associated pipeline project in Port Harcourt, Nigeria.
The financing consisted of a USD800m debt package from a diverse group of multilateral agencies, development finance institutions and international and regional commercial banks.
In what will be the largest fertiliser plant in Africa, Indorama Eleme has been designed to produce 1.4m tonnes of fertiliser annually, with production due to start by the fourth quarter of 2015. The project also includes the construction of a 84km pipeline to the plant and a new port terminal in nearby Onne Port. Allen & Overy is also advising Indorama on the development of the port which will be financed separately.
The Allen & Overy team was based in Dubai and consisted of partners Sachin Karia and Bimal Desai, senior associate Eleanor Milne, associates Laura Graham, Ellis Lawson, Louise Fernie and trainee Jenna Meath. Sachin Karia who led the Allen & Overy team, commented "We are proud to advise Indorama on this landmark deal for Nigeria and the fertiliser market. The financing was completed in record time (under 8 months) for an African project finance transaction and this is a testament to the massive efforts of the sponsor and lender teams as well as their advisors".
The lenders were advised by White & Case's Abu Dhabi and London offices led by partner Margaret Cole and senior associate Matthew Wood with assistance from senior associates Mukund Dhar, Luke Robottom, Nneka Wood, associates Alex Malahias and Emily Pender and trainees Gabriel Onagoruwa and Saghar Khodabakhsh.
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