By RYAN DUBE

Peru's government said that a number of companies are interested in developing a petrochemical complex in the southern Ica region if US fertilizer manufacturer CF Industries decides not to move ahead with the project, state news agency Andina reported.

Deputy Energy Minister Luis Ortigas said CF Industries has until 2013 to decide whether it will develop the project, according to Andina. 

Ortigas said he is confident that the company will develop the complex, even though lower natural gas prices in the US have made it less economical for the company to build a plant in Peru, Andina reported on Tuesday.

"It is cheaper for CF Industries to put a plant in the United States and that's why they are delaying a decision," Ortigas said, according to Andina. 

Ortigas said that CF Industries has started work to receive permits for the construction of the complex, but there is no start date for when construction may begin.

A spokeswoman for CF Industries was not immediately able to provide a company update on the project.

The project is expected to require an investment of $2 billion.

The complex will have a capacity to produce 2,600 tpd of ammonia and 3,850 tpd of granulated urea.

Dow Jones Newswires