IEPL is owned by Indorama Corporation (Indorama) 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 is one of the world’s largest producer of polyester and the fastest growing global petrochemical producer with operations across 35 countries in Asia, Africa, Europe and the Americas and over 37,000 personnel. Indorama is wholly controlled and beneficially held by Mr. S. P. Lohia and his family, through the holding company, Indorama Corporation registered in Singapore.

 Total Project cost is US$80m comprising (i) an A Loan of US$64 million for IFC’s own account; and (ii) US$9 million concessional senior loan from IFC as implementing entity of the IDA PSW Blended Finance Facility (BFF).

The Project will be implemented at the existing Eleme Petrochemicals site in Port-Harcourt, Rivers State, Nigeria.

 The Corporate Governance risks for this Project are considered low. This assessment includes commitment, structure and functioning of the Board, control environment, transparency, treatment to minority shareholders, and governance of stakeholders’ engagement.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability as the potential adverse E&S risks and/or impacts which are generally site-specific are largely reversible and can readily be addressed thorough mitigation measures. Based on the available project information, key project related E&S issues and risks include the company’s capacity and systems to manage E&S performance during construction and operation; management of labor relations and working conditions for its employees including those employed through contractors; implementation of occupational health and industrial safety during construction and operation; adequate management of air pollution, hazardous materials, solid and hazardous wastes, wastewater; emergency preparedness; and stakeholder engagement.