25 March 2014 17:45 [Source: ICIS news]
LONDON (ICIS)--IFFCO Canada expects approval for its Canadian dollars (C$) 1.2bn urea plant in Becancour, Quebec, after the elections to be held in that province on 7 April, the company’s vice president, Simon Pillarella?xml:namespace>, said on Tuesday.
IFFCO Canada is a consortium led by India’s major fertilizer IFFCO, its majority shareholder, together with Canadian fertilizer La Coop federee, Quebec’s government investment vehicle Investissement Quebec and investment fund Pacific Gateway Energy.
IFFCO Canada’s urea project went through a public hearing in 2013, led by Quebec’s environment agency Bureau d'audiences publiques sur l'environnement (BAPE). The agency submitted to the province’s government its final report in January stating the project was environmentally, socially and economically “acceptable”, according to Pillarella.
“That outcome was extremely good for us. We are now just waiting for the final stage on the environmental clearance to conclude and get the green light from the Quebec government, probably after the regional elections on 7 April,” he said.
“This plant is actually good environmentally because, as the report showed, it’s better to produce urea here in Quebec than importing it from abroad.”
IFFCO Canada’s director was confident the construction of the plant, expected to be completed in 2017, would create an average of 1,000 jobs whereas the facility itself would employ 250 people.
Total investment in the plant stands at C$1.2bn ($1.1bn), although Pillarella did not disclose yet how much money each investor has contributed with. “It will be disclosed in the future though,” he concluded.
($1 = C$1.12)
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