Proman to Get a Financial Closure on its Ammonia Production Plant Worth USD 1.5 Billion

Proman, a specialist in products derived from natural gas, has achieved financial closure on its USD 1.5 billion investment to construct an ammonia production facility in Topolobampo, Mexico. This plant will have the capacity to produce 2,220 tonnes of ammonia daily. Once operational, the new facility will boost Proman's annual production capacity to an impressive 2.8 million tonnes. This expansion comes at a pivotal time when fertilizers, primarily derived from ammonia, play a vital role in Mexico's agricultural sector.

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The project financing was orchestrated by KFW IPEX, which took the lead role in assembling a consortium of seven lenders. They also secured ECA coverage through Euler Hermes. Expressing gratitude for KFW's instrumental role in the financing and their three-decade-long business association, David Cassidy, Proman's CEO, hailed this development as a significant achievement. He voiced the company's enthusiasm for broadening its operational footprint in Mexico.

With all the financial pieces in place, construction of the plant will commence without delay. It's worth noting that anhydrous ammonia is a chemical compound devoid of water, representing its pure gaseous form. This colorless gas, characterized by its sharp smell, is composed of a single nitrogen atom bonded to three hydrogen atoms.

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According to the article by Procurement Resource, Proman has secured $1.5 billion in financing for an ammonia plant in Topolobampo, Mexico, poised to produce 2,220 tonnes daily, increasing its annual output to 2.8 million tonnes amidst a critical demand for fertilizers in Mexico. KFW IPEX led the financing, forming a seven-lender consortium and obtaining ECA coverage from Euler Hermes. Proman's CEO, David Cassidy, acknowledged their enduring partnership with KFW and expressed eagerness for expansion in Mexico. The plant's construction is set to begin immediately. Anhydrous ammonia, the product, is a pure, pungent gas used extensively in agriculture.