NEDERLAND, Texas, May 5, 2017 /PRNewswire/ -- OCI Partners LP
(NYSE: OCIP), a Delaware limited
partnership ("Partnership"), announced today that on May 1, 2017, Mr. Frank
Bakker resigned as President, Chief Executive Officer and
director of the general partner of the Partnership, effective
May 12th, to pursue other
opportunities. On May 4, 2017, Mr.
Ahmed El-Hoshy, Chief Executive Officer of OCI N.V. in the Americas
("OCI Americas") and a director of the general partner of the
Partnership since July 2016, was
appointed as President and Chief Executive Officer of the general
partner of the Partnership, effective May
12th. In addition to this new position, he will
continue to serve as a director of the general partner of the
Partnership and CEO of OCI Americas.
Mr. El-Hoshy has extensive and global experience in the
financial, industrial, business services and petrochemical
industries. He has been with OCI N.V. (Euronext: OCI) for seven
years, and has helped lead OCI's growth in North America since 2011, undertaking various
roles including project development and oversight, investments,
M&A and business development. He is currently the CEO of
OCI Americas and heads all investments, operations and activities
in the Americas. Mr. El-Hoshy began his career at Goldman Sachs, as
a member of the special situations, investment banking and leverage
finance groups in New York and
Dubai. Mr. El-Hoshy received his
Bachelor's degree in economics with honors from Harvard College.
"The board of directors thanks Frank for his valuable
contributions and leadership. During his tenure, the company has
made significant progress toward achieving our strategic goals,
including the initial plant restart, the 2013 initial public
offering and the debottlenecking program", said Mike Bennett, chairman of the board of
directors. "Ahmed is a strong and experienced executive. As a
member of the Partnership's board and thanks to his successful time
at OCI, Ahmed's extensive capabilities and familiarity with the
business will ensure a smooth transition."
"I am very proud of the achievements we have realized over the
last several years since OCI purchased the mothballed plant. We got
the plants up and running very quickly and have increased
production capacity by more than 25%, while maintaining an
excellent safety record. We have a great team that succeeded in
achieving OSHA VPP STAR and ISO certification in a record time,"
said Mr. Bakker.
"I would like to thank Frank for all his contributions to the
Partnership and am excited to continuing work with the highly
experienced OCI Beaumont team in this new role, with an unwavering
focus on safety, operating reliability and efficiency to create
long-term value for our unitholders," said Mr. El-Hoshy.
About OCI Partners LP
OCI Partners LP owns and operates an integrated methanol and
ammonia production facility that is strategically located on the
Texas Gulf Coast near Beaumont.
The Partnership is headquartered in Nederland, Texas and currently has a methanol
production design capacity of 912,500 metric tons per year and an
ammonia production design capacity of 331,000 metric tons per
year.
Forward-Looking Statements
This press release contains forward-looking statements.
Statements that are predictive in nature, that depend upon or refer
to future events or conditions or that include the words "believe,"
"expect," "anticipate," "intend," "estimate" and other expressions
that are predictions of or indicate future events and trends and
that do not relate to historical matters identify forward-looking
statements. These forward-looking statements involve certain
risks and uncertainties, including, among others, the
following: our business plans may change as the methanol and
ammonia industry and markets warrant; the demand and sales prices
for methanol, ammonia and their derivatives may decrease due to
market, governmental and other factors; we may be unable to obtain
economically priced natural gas and other feedstocks; we may be
unable to successfully implement our business strategies, including
the completion of significant capital programs; the occurrence of
shutdowns (either temporary or permanent) or restarts of existing
methanol and ammonia facilities (including our own facility); the
timing and length of planned and unplanned downtime; and the
occurrence of operating hazards from accidents, fire, severe
weather, floods or other natural disasters. For more information
concerning factors that could cause actual results to differ
materially from those conveyed in the forward-looking statements,
please refer to the "Risk Factors" section of the Partnership's
most recently filed Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q filed thereafter. The Partnership undertakes
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise, unless required by law.
Contacts:
Hans
Zayed
Director of Investor Relations
Phone: +1 917-817-5159
hans.zayed@oci.nl
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SOURCE OCI Partners LP