Issue Date: October 31, 2016
Mitsubishi Gas joins ammonia project
Mitsubishi Gas Chemical will acquire a stake in an $830 million ammonia plant that Mitsubishi Corp. and the Indonesian firm Panca Amara Utama are building in Indonesia. The 700,000-metric-ton-per-year plant is scheduled to come on-line in 2017. A consortium of banks led by International Finance Corp.—a subsidiary of the World Bank—agreed to loan $500 million to the project in 2014. Although Mitsubishi Gas stopped producing ammonia in 2015, it still sells the compound to customers; participation in the project will help it to secure a supply source.
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