On September 22, Anyang Indorama Gas Co., Ltd., a subsidiary of Singapore-based Indorama Group, signed an RMB 2.4 billion long-term financing agreement with five banks for the Phase II fertilizer capacity expansion project in Anyang, Henan.
The financing will mainly be used for expansion of the existing plant site. Based on syngas and ammonia, the project is expected to increase urea capacity to about 2 million tonnes per year by 2029, doubling the current level.
The banks participating in the financing include OCBC, Bank of China, Bank of Communications, Bangkok Bank (China), and China CITIC Bank. OCBC served as the coordinating bank and agent bank.
The expansion comes just months after Indorama completed its acquisition of the Anyang nitrogen fertilizer business. In January 2026, Indorama completed the acquisition of Anyang Zhongying Fertilizer Co., Ltd. and Anyang Yingde Gas Co., Ltd. The two companies are collectively known as Anyang Nitrogen Fertilizer and are located in Henan Province. Their core product is urea, and they also produce ammonia, automotive urea, and industrial gases.
After completing the acquisition, Indorama gained a urea production base in China. In September, it further advanced the Phase II expansion through bank financing. Once the project is completed, the annual urea capacity of the Anyang base will reach about 2 million tonnes.
The project is an expansion at the existing production base. Indorama said the expansion project will adopt more energy-efficient production processes and improve the production efficiency of the existing plant.
Indorama has previously acquired or built fertilizer businesses in markets including India, Brazil, Uzbekistan, Georgia, and Nigeria. In 2026, it added China’s Anyang nitrogen fertilizer business and Spanish titanium dioxide assets.
With the RMB 2.4 billion financing in place, Indorama’s urea business in China will move from the previous acquisition integration stage further into capacity expansion. By 2029, the urea capacity of the Anyang base is expected to reach about 2 million tonnes per year.
