Major new $800m urea plant earmarked for Ecuador

18 January 2013 14:34  [Source: ICIS news]

LONDON (ICIS)--The Ecuadorian government on Thursday unveiled plans for an $800m (€600m) urea plant as ministers look to reduce the South American country’s reliance on imported fertilizers.

During a press conference in Quito to announce the urea plant project and a new steel mill, government officials said they expect the urea plant to commence operation in 2016 and reduce fertilizer imports by at least $120m a year.

According to the industry minister, Veronica Sion, the government has yet to decide how the urea project will be funded or if foreign investment would be involved, but she said one of the financing options being considered is a Public-Private Partnership with a local or foreign partner.

No further details such as where the new plant might be located were announced.

($1 = €0.75)

By: Richard Ewing
+44 208 652 3214

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