Tag: OEC

OCI Wever update: rising costs, mergers and acquisitions, bond refinancing, no start-up yet

Over the last few weeks, Iowa Fertilizer Company and its parent, OCI NV, have been busy with the commissioning phase of their major greenfield at Wever, IA. However, they've also been restructuring bond payments, which was necessary "to ensure the successful completion of construction and first year of operations."

In the process, we've seen the bond rating downgraded, the IRS launch an examination, disclosures of project costs rising further, and hints at future mergers & acquisitions.

OCI has successfully refinanced the project. They hope to start producing ammonia soon but, if history is any guide, defining "soon" may be difficult.

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