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Mabanaft GmbH & Co. KG, corporate

Mabanaft GmbH & Co. KG,

10.01.2020 - 08:58:41

Mabanaft invests in world-scale ammonia production facility

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PRESS RELEASEMabanaft invests in world-scale ammonia production facility

Hamburg, January 10, 2020 - Mabanaft GmbH & Co. KG (Mabanaft) will become ammonia offtaker and operating partner in Gulf Coast Ammonia LLC (GCA), a special purpose entity owned and controlled jointly by an affiliate of Starwood Energy Group Global LLC and Mabanaft.

On December 30, 2019, GCA issued formal notice to proceed with turnkey construction of a highly-efficient, state-of-the-art ammonia production plant with nameplate capacity of approximately 1.3 million metric tons per year to be built at a brownfield site in Texas City, USA. The facilities are expected to enter commercial levels of production in the first half of 2023. Air Products will serve as exclusive supplier of all hydrogen and nitrogen feedstock requirements.

GCA has concluded long-term offtake agreements for the entire nameplate production capacity, of which approximately 500,000 metric tons ammonia per year will be marketed by Mabanaft. The project offers advantageous logistics with 70,000 metric tons of on-site storage and a dedicated, deep-water jetty capable of loading domestic barges as well as the largest sea going ammonia carriers to reach global ammonia markets. The marine facilities will be owned and operated by Oiltanking, a sister company of Mabanaft.

Tim Bullock, CEO of Mabanaft, said, "Mabanaft is very excited to be investor and offtaker to this project. This is a major step for Mabanaft to diversify its portfolio in growing chemical markets in line with the new group strategy".

David Katzinski, Managing Director of Mabanaft Natural Gas Products, added, "Mabanaft is pleased to enter ammonia trading backed by secure offtake from a world-class, equity-owned production asset".

Mabanaft GmbH & Co. KG is a subsidiary of Marquard & Bahls, an agile, independent holding company in the energy & chemical sector. As an international trading company with hubs in Germany, UK, USA and Singapore, Mabanaft concentrates on physical wholesale, supply and trading of petroleum products. Furthermore, the company is active in the operation of service stations, heating-oil retail, lubricants, bunker services and the trading of natural gas liquids and biofuels.

For more information on Mabanaft and Marquard & Bahls, please visit www.mabanaft.com and www.marquard-bahls.com

For media inquiries, please contact:

David Katzinski, Managing Director Mabanaft Natural Gas Products Limited Phone: +44 20 7802 3358 david.katzinski@mabanaft.com    

 

End of Media Release Issuer: Mabanaft GmbH & Co. KG Key word(s): Energy

10.01.2020 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

950781  10.01.2020 

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