News and Articles

• Anyang Indorama Gases secured a 2.4 billion yuan (approximately $358 million) long-term loan from a five-bank consortium.
• The financing supports a Phase II expansion expected to roughly double urea capacity to about 2 million tonnes per year by 2029.
• The project follows Indorama's 2026 acquisition of the Anyang nitrogen fertilizer business in Henan Province.
• OCBC Bank acted as coordinator and facility agent; Sumitomo Mitsui Banking Corporation's China unit served as security agent.
• The expansion emphasizes more energy-efficient production processes and is framed around strengthening domestic Chinese fertilizer supply reliability.

A major Chinese urea producer has locked in financing for a significant capacity expansion, a development that points to meaningful future growth in domestic Chinese fertilizer supply over the coming years.

Anyang Indorama Gases, a wholly owned subsidiary of Singapore-based Indorama Corporation, has signed a 2.4 billion yuan, or roughly $358 million, long-term loan facility with a consortium of five banks to finance a Phase II capacity expansion project at its site in Anyang City, Henan Province. The expansion is expected to roughly double the company's urea fertilizer capacity, produced from syngas and ammonia, to approximately 2 million tonnes per year by 2029.

The financing follows Indorama's acquisition of the Anyang nitrogen fertilizer business earlier in 2026 and represents what the company describes as an important milestone in its broader brownfield expansion strategy in China. The project is intended to strengthen the reliability of domestic fertilizer supply in Henan Province while emphasizing more energy-efficient production processes across the site.

Request the Latest Urea Prices Data - Access Price Insights Now

The lending group includes OCBC Bank, Bank of China, Bank of Communications, Bangkok Bank's China unit and China CITIC Bank, with OCBC acting as coordinator and facility agent and Sumitomo Mitsui Banking Corporation's China unit serving as security agent. The funds will partially cover development and construction costs for the expansion.

Executives from both Indorama and its banking partners framed the deal around long-term industrial investment and food security considerations rather than near-term market conditions. Indorama Group Vice Chairman Amit Lohia called the transaction "an important milestone in Indorama's global growth strategy," noting it builds on the Anyang acquisition to strengthen the company's fertilizer platform in "one of the world's most important markets." Indorama's China country head, Chai Wei Joo, said the financing "reinforces Indorama's role as a key industrial contributor to China's economy and national food security."

Banking partners echoed similar themes. OCBC's Seth Tan noted the deal builds on a 14-year relationship with Indorama, while Bank of China's Luan Lin said the investment would contribute to both the Chinese domestic economy and food security goals. Several of the banks involved described the transaction as the start of a new relationship with Indorama in China.

For buyers monitoring the global urea supply outlook, the project adds a concrete, financed data point to longer-term Chinese capacity growth, even as it will take several years to materialize. The 2029 completion target means the expansion won't affect near-term availability, but it does signal continued investor confidence in Chinese urea production even amid a volatile pricing environment for the fertilizer this year.