Anyang – September 22, 2026 -- Anyang Indorama Gases Co., Ltd. has signed an RMB 2.4 billion (c. US$358 million) long-term loan facility with five banks to fund a Phase II fertilizer capacity expansion in Anyang City, Henan Province, China.
Financing will double urea capacity to 2 million tonnes annually by 2029
The subsidiary of Singapore-based Indorama Corporation Pte. Ltd. will use the loan to partially fund construction that will double its urea fertilizer capacity, produced from syngas and ammonia, to approximately 2 million tonnes per annum by 2029. The project follows Indorama's acquisition of the Anyang nitrogen fertilizer business earlier in 2026 and marks a brownfield expansion of its Chinese operations.
Five-bank consortium structures the deal with OCBC as coordinator
The facility was provided by OCBC Bank Limited, Bank of China Limited, Bank of Communications Co., Ltd., Bangkok Bank (China) Company Limited, and China CITIC Bank Co., Ltd. OCBC acted as Coordinator and Facility Agent, while Sumitomo Mitsui Banking Corporation (China) Limited served as Security Agent.
Executives frame the investment as a food security and efficiency play
Amit Lohia, Group Vice Chairman of Indorama Corporation, said the transaction reflects confidence from leading international and Chinese financial institutions and strengthens the company's fertilizer platform in one of the world's most important markets. Chai Wei Joo, Indorama's China Country Head, said the financing reinforces the company's role as an industrial contributor to China's economy and national food security.
Banking partners cite new and deepening relationships in China
Seth Tan, Managing Director & Head of Corporate Banking China at OCBC, said the financing builds on a 14-year partnership with Indorama. Bank of China's Suzhou Branch and China CITIC Bank's Zhengzhou Branch both described the deal as the start of new relationships with the group, while Bangkok Bank (China) CEO Sitthichai Jiwattanakul said the facility deepens a decade-long partnership as Indorama pursues strategic expansion in China.
The expansion is expected to strengthen domestic fertilizer supply reliability in Henan Province through more energy-efficient production processes across the site.