The aim behind the new terminal currently being constructed at Port Harcourt in Nigeria’s Niger Delta, will be to help increase the country’s non-oil exports.
It will be used to ship 2 million tonnes of dry bulk urea exports per year from Indorama Eleme’s fertiliser plant.
It’s a joint venture between Indorama Eleme Petrochemicals Limited and Oil and Industrial Services Limited and will cost $150 million in total to build.
Finance for the terminal is made up of The IFC grant plus an additional $31.5 million loan for the terminal from Rand Merchant Bank.
Nigeria currently relies on crude oil sales for around 90% of its foreign exchange, but it’s suffering from a plunge in oil prices spurring the government on to steer the economy towards other trading goods.
