MFC/FGP – Midwest Fertilizer Plant – Indiana - Project Profile
MFC/FGP – Midwest Fertilizer Plant – Indiana - Project Profile
"MFC/FGP – Midwest Fertilizer Plant – Indiana - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.
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Midwest Fertilizer Corporation (MFC) and Fatima Group Principals (FGP) are jointly undertaking the fertilizer plant project in Posey County, Indiana, the US.
The project involves the construction of a state-of-the-art nitrogen fertilizer complex with a production capacity of 1.5 million tonnes per annum (MTPA), on 91.4ha ha of land.
The project includes the construction of an ammonia plant with capacity of 2,200TPD (tons per day) based on KBR technology; urea synthesis plant with capacity of 2,200TPD; urea granulation plant with capacity of 1,200TPD; urea ammonium nitrate plant with capacity of 4,300TPD; and diesel exhaust fuel plant with capacity of 900MTPD based on Stamicarbon’s technology; nitric acid plant with capacity of 1,530TPD based on Borealis/GPN technology; and all associated off-sites and utilities.
On November 30, 2012, the Indiana Economic Development Corporation (IEDC) offered a package of incentives to MFC to build the project. On January 15, 2013, IEDC placed the incentives for the project on hold.
On February 6, 2013, Levick Strategic Communications, LLC was appointed to handle the red tape, politics, and publicity of the project in Indiana.
In May 2013, US$1,300 million incentive for the project was rejected. However, the county council is planning to reissue the incentives.
In October 2013, MFC has chosen southwest of Mount Vernon as the site for the implementation of the project. On December 17, 2013, Jacobs was appointed to provide program management services for the project.
On December 19, 2013, KBR was appointed to provide a technology license, basic engineering and design package, and supply of proprietary equipment for the facility.
MFC has applied for a New Source Construction and Operating Permit that would allow it to construct and operate a stationary nitrogen fertilizer manufacturing facility in Mt. Vernon.
On April 10, 2014, Posey County Disaster Relief bonds of US$1,259 million for Midwest Fertilizer Company LLC (MFC) project were successfully remarketed to a call option through November 18, 2014. Additional funding will come from equity partners, tax increment financing bonds to be issued by Posey County and some term debt.
On July 21, 2014, Maire Tecnimont S.p.A. (Tecnimont) has signed a memorandum of understanding (MoU) with FGP and MFC for direct negotiation of a Lump sum turnkey (LSTK) engineering, procurement, and construction (EPC) contract. The MoU forms a basis for negotiating and finalizing agreements for the EPC contract.
In the second quarter of 2015, the EPC contract negotiations with Tecnimont were canceled, due to undisclosed issues.
On January 25, 2016, MFC signed an agreement with Thyssenkrupp Industrial Solutions (USA), Inc (TKIS) to design and build the project, the contract covers EPC and related services. The contract value is more than US$2,000 million.
In December 2016, the contract with TKIS expired. Subsequently, MFC announced that it is working collaboratively with TKIS on a new EPC contract towards the construction of the proposed plant.
A groundbreaking ceremony is scheduled in the third quarter of 2018 and project completion in 2022.
The project involves the construction of a state-of-the-art nitrogen fertilizer complex with a production capacity of 1.5MTPA, on 91.4ha ha of land in Mount Vernon, Posey County, Indiana, the US.
The US$2,800 million project includes the following:
1. Construction of a 2,200TPD ammonia plant
2. Construction of a 2,200TPD urea synthesis plant
3. Construction of a 1,200TPD urea granulation plant
4. Construction of a 4,300TPD urea ammonium nitrate plant
5. Construction of a 900TPD diesel exhaust fuel plant
6. Construction of a 1,530TPD nitric acid plant
7. Construction of all associated off-sites and utilities
Reasons To Buy
- Gain insight into the project.
- Monitor the latest project developments.
- Identify key project contacts.
- 1.Key Statistics
- 2.Key Dates
- 4.Operating metrics
- 5.Tender Information
- 8.Latest update
- 10.Key Contacts
- 11.General News, Project News
POSEY CO., IN (WFIE) - Midwest Fertilizer is selecting a final location its new plant in Posey County.
14 News talked to Indiana Governor Mike Pence, who was in Evansville on Tuesday, and he says the state still does not support plans for the plant. But Pence says he respects the decision by local officials to go forward with the project.
Posey County officials secured funding by reissuing $1.3 billion in disaster relief bonds. Economic Development Director John Taylor has said the parent company, the Fatima Group, has reformulated its product to be far less explosive.
But pence says that not good enough.
"We came to the conclusion without the absolute assurance that the parties involved were not engaged in the manufacture of the kind of fertilizer in Pakistan that is misused in ways that harm our troops. We didn't believe it was an appropriate project for the State of Indiana to be involved in, but reasonable people can differ on that," Gov. Pence said.
Posey County officials say a final location should be decided in the coming weeks. It is likely the plant will be close to the Mt. Vernon Port.
Copyright 2013 WFIE. All rights reserved.
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Midwest at Glance
Global natural gas prices (natural gas is the main ingredient for nitrogen based crop nutrients) have been such that for the past 25 years the U.S. has imported over half of nitrogen-based fertilizers to meet its local requirements. The vision of MFC is to provide exceptional value to all stakeholders; customers, employees, share holders and the communities where MFC people work and live by displacing imports and manufacturing these products locally.
Our $2.4 billion state-of-the-art nitrogen fertilizer facility in Mt. Vernon, Posey County, Indiana will significantly enhance the local tax base and grow economic prosperity and growth opportunities. It will create more than 2,500 construction jobs and as many as 200 ongoing regular and contract employment opportunities.
» Read More
Friday, July 05, 2019
Midwest Fertilizer Company and Federal and State Offici ...
With tax issue settled, Midwest Fertilizer eyes nearly $3 billion Posey County plant
EVANSVILLE, Ind. — Midwest Fertilizer said it has resolved an issue with the Internal Revenue Service about the financing of a massive manufacturing plant near Mount Vernon.
This means the project, which has been planned for several years but has run into some roadblocks, is still on track to being built.
There is no word from the company, however, on when a groundbreaking might occur. State officials have said the plant, once built, will employ about 185 people.
Midwest Fertilizer settled with the IRS Office of Appeals on an audit that had disqualified tax-exempt status of $1.259 billion in bond funding. That's a major slice of the $2.79 billion construction budget.
“Midwest Fertilizer is extremely pleased to have resolved the issue with the IRS which results in no change to the tax-exempt status of the project bonds," said Roger Harvey, a Midwest Fertilizer spokesman, in a prepared statement.
"We remain focused on moving forward with our plans for the state-of-the-art fertilizer manufacturing complex in Posey County, Indiana. The wonderful support from the State of Indiana and the Posey County Commissioners has been tremendous and much appreciated,” Harvey said.
According to bondbuyer.com, Midwest Fertilizer purchased the bonds in fall 2016. The company is incorporated in the United States but is owned by multinational investors, the largest of which is Fatima Group of Pakistan.
Midwest Fertilizer chose to base the plant in Posey County because the Indiana Economic Development Corp. offered an incentive package in late 2012. This package included tax-exempt financing through the allocation of a portion of the state's volume cap under a federal disaster-relief bond program.
The Indiana EDC also offered up to $2.9 million of conditional tax credits and up to $400,000 training grants based on Midwest Fertilizer's job creation estimates. It also offered the company up to $300,000 in conditional incentives from the Hoosier Business Investment tax credit.
But then-Gov. Mike Pence, a day after taking office in January 2013, halted state support of the project and subsequently in mid-May of that year formally dropped all state involvement.
But in 2017, Pence's successor, Gov. Eric Holcomb, re-embraced the project and state incentives for it.
The plant is to be built on 220 acres at Sauerkraut Lane and Mackey Ferry Road, producing nitrogen fertilizer for farmers throughout the Midwest.
In addition to the permanent employment of about 185, Midwest Fertilizer is to create about 2,500 construction-related jobs.
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Fatima Fertilizer Company published its 2015 Annual Report last week.
I wouldn’t normally write an update simply to say that a company has posted a document but, while lots of people are watching for news of Midwest Fertilizer’s $2.8 billion Indiana greenfield, I think fewer people are watching its sponsor company in Pakistan.
Fatima affirms its intention to invest $300 million equity, this year – although it hasn’t contributed a penny yet – but there’s no real new information.
Nonetheless, curious readers will enjoy learning more about Fatima, which seems to have had a bad year (not unlike US fertilizer companies) and won’t be issuing a dividend for 2015 because, “due to unstable market conditions, fertilizer industry faced extremely low off take situation.”
Fatima did successfully complete a $58 million debottlenecking project on its ammonia plant in Sadiqabad, which was commissioned in 2011, and extended its turnaround schedule from 12 to 18 months. It also acquired a second urea plant, which used to belong to DH Fertilizers – now named Fatimafert.
Now that ThyssenKrupp has the EPC contract, the next update I’m expecting for Midwest Fertilizer is financial close: beyond Fatima Fertilizer Company’s $300 million equity, there’s $1.2+ billion of tax-free bonds to remarket in Indiana, plus “term debt” and some additional amounts from Fatima’s parent, the Fatima Group, and a “consortium of international investors.” As I understand it, subsidiary Fatima Fertilizer Company will own ~35% of the equity, while parent Fatima Group will own a total of ~48%.
Full project details are in my Research Note for Mt Vernon, IN.
Once they’ve reached financial close, we might be ready for a ground-breaking ceremony, but the large uncertainty here is whether the project will reach financial close. Until it does, it hasn’t.
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