Amufert appoints new board as $1.4 billion Angola urea project enters construction

Angolan fertilizer developer Amufert has appointed a nine-member board of directors as construction begins on its gas-based ammonia and urea complex in Soyo, Zaire province. The board includes seven executive directors and two non-executive directors and will oversee project delivery, procurement, financial controls, supply chain development and preparations for commissioning.

The complex is designed to produce about 1.3 million metric tons of urea annually using domestic natural gas as feedstock. Carbon dioxide generated during ammonia production will be captured and used in the urea synthesis process. Afreximbank has committed $1.4 billion in debt financing as the mandated lead arranger, while the Angolan conglomerate Opaia and the state-owned Sonangol P&P Natural Gas are sponsoring the project.

Amufert expects operations to begin in 2027, positioning the plant to supply Angola’s domestic fertilizer market and neighboring countries. The project could help reduce reliance on imported nitrogen fertilizers in a region where fertilizer application rates remain among the lowest globally and farmers face high logistics and distribution costs.

Source: CRU BC Insight