The International Finance Corporation (IFC), a member of the World Bank Group, has newly announced its plan to support the Indorama Port project development, which consists of the development of a multi-purpose port terminal at Onne in Port Harcourt, Nigeria, by providing senior debt and mobilizing third-party funding.

The project will support the export of fertilizer produced by Eleme Fertilizer, an existing IFC investee company.

The project company is OIS Indorama Port Limited (OIPL), which is owned 51% by Eleme Petrochemicals and 49% by OIS.

Eleme Petrochemicals is the largest producer of polyolefins in West Africa, and the 2nd largest in Africa. It is owned by the Indorama Group 65%, Nigerian National Petroleum Corporation (NNPC) 10%, Rivers State Government 10%, Host Communities 7.5%, the Nigerian Federal Government 5%, and Employees 2.5%.

Indorama Group is a leading manufacturer of petrochemicals and associated downstream products shipped to over 100 countries across the globe. Indorama is wholly controlled and beneficially held by Mr. S. P. Lohia and his family.

OIS has been engaged in providing contracting services to the petroleum and energy industry since 1986. It has over 400 employees carrying out onshore construction, offshore maintenance activities, marine services, engine controls, green-field and brown-field activities in Nigeria, Cameroon, as well as throughout Africa, the United States and the UK. 

The Indorama Port project development involves 6.2 hectare of land reclamation; construction of a 295 meters long quay with two berths, 2.6 hectare container yard, warehouses; buildings, workshop, utility services, roads and boundary wall; and, the supply, installation and commissioning of the bulk-handling system.

The port terminal will have capacity to handle up to 2 million tons of dry bulk Urea, 12,000 twenty-foot equivalent units (TEU) of containers and 150,000 of break-bulk cargo per annum. The port is expected to be completed and commence operations by April 2016. The port development has an estimated investment of US$150 million.