HOUSTON (ICIS)--Ohio Valley Resources (OVR) entered into a financing agreement with a China-based company to develop a nitrogen fertilizer plant in ?xml:namespace>Indiana, the company said on Friday.
OVR's $1bn (€730m) plant will produce 2,420 tons/day of ammonia and 3,000 tons/day of urea ammonium nitrate (UAN). Operations should start in 2017.
The memorandum of understanding (MOU) reached with China–based Tierra Del Fuego Power & Chemical will provide equity financing for construction while retaining the US-based management and operations team assembled by OVR.
The two companies have selected Sinopec Engineering of Beijing to develop designs for the plant. KBR was previously selected to execute the front-end engineering design (FEED) of the facility and the main ammonia process units.
($1 = €0.73)