Indorama acquired Farg’onaazot

The Singapore corporation Indorama has acquired a 99.02% stake in the Farg’onaazot plant, the press-service of the State Assets Management Agency of Uzbekistan reported.

The deal amounted to $140 million. Indorama also pledged to invest $100 million in the modernization of Farg’onaazot.

Farg’onaazot can produce up to 400 thousand tons of carbamide, 475 thousand tons of ammonia, 530 thousand tons of ammonium nitrate, and 5 thousand tons of carbamide-ammoniac compound per year. Also, its product line includes complex fertilizers, oxygen, and nitrogen.

“This week, Indorama acquired the Rustavi Azot plant (Georgia). The subsequent purchase of Farg’onaazot may indicate Indorama’s plans to expand its supplies of mineral fertilizers on the market of the CIS countries,” commented the information and analytical service of Fertilizer Daily.