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.
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.
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SOURCE OCI Partners LP