MIGA guarantees Ghorasal Polash fertiliser project
MIGA has issued $357 million in guarantees to support the construction, installation and operation of the $1.3 billion Ghorasal Polash Urea Fertiliser plant in Bangladesh. The 14-year guarantees cover HSBC and MUFG against the risk of non-honouring of sovereign financial obligations.
The plant will be owned and operated by state-owned Bangladesh Chemical Industries Corporation (BCIC). The EPC consortium for the project comprises Mitsubishi Heavy Industries and China National Chemical Engineering No. 7 Construction Co.
The project will be the first fertiliser plant in Bangladesh to use carbon capture technology. The plant will have a capacity of 2,800 metric tons per day and is expected to be operational by 2023. It will replace two existing obsolete facilities, more than tripling their output while also using the same amount of natural gas. Furthermore, the plant will produce urea at about $140 less per metric ton than it costs to import fertilizer, resulting in significant cost savings.
