Tata Chemicals will not proceed with Gabon ammonia project

28 March 2014 21:59  [Source: ICIS news]

HOUSTON (ICIS)--Tata Chemicals announced on Friday it will not proceed with its proposed 25.1% equity participation in a greenfield ammonia-urea fertilizer project  in Gabon.

In April  2011 the company had announced its participation in the project, in which Olam International currently holds an 80% stake and the Gabon government holds the rest.

Company officials said the decision was made due to a change in Tata’s investment focus away from overseas fertilizer manufacturing and Olam's intention to move to a minority and non-consolidated position in the project.

The company said it would provide any technical support that may be requested by Olam or other equity partners in the project if it should continue to advance to production status.

Olam officials said  they are continuing its discussions with other industry participants who have expressed their desire to partner in the project as the company intends to reduce its final equity stake to below 50%.

By: Mark Milam
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