German government bank to finance Bayer TDI project at Dormagen
03 May 2012 17:56 [Source: ICIS news]
LONDON (ICIS)--?xml:namespace>Germany’s government-owned KfW IPEX-Bank is providing financing for Bayer MaterialScience’s 300,000 tonne/year toluene diisocyanate (TDI) project at Dormagen near Cologne, it said on Thursday.
KfW IPEX, which focuses on project and export financing, said that the plant meets the criteria of its "Environment and Energy Efficiency Programme". Loans under the programme qualify for an interest rate reduction, it added.
Bayer MaterialScience will use a process at the Dormagen TDI project that reduces energy consumption by up to 60%, compared with a conventional TDI plant of the same size, the bank said.
KfW IPEX will provide a loan “in the full amount of the planned investment”, it said without disclosing the amount. Bayer has said that the project will cost about €150m ($197m).
The plant, which is expected to start up in 2014, will replace Bayer’s existing TDI facilities in Dormagen and Brunsbuttel.
($1 = €0.76)By: Stefan Baumgarten+1 713 525 2653
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