News Feed Item

OCI Announces Start of Construction Work on IFCo

CAIRO, EGYPT -- (Marketwire) -- 11/20/12 --

Cairo, Egypt / 19 November, 2012 11:00 PM

Orascom Construction Industries Announces the Start of Construction
Work on Iowa Fertilizer Company

Orascom Construction Industries (OCI) announced today that its wholly
owned subsidiary, Iowa Fertilizer Company (IFCo), held a groundbreaking
ceremony to mark the start of construction work on its new greenfield
nitrogen fertilizer production plant in Wever, Iowa. IFCo will be the
first world scale natural gas-based fertilizer plant built in the
United States in nearly 25 years and will help reduce the United
States' dependency upon imported fertilizers.

Featured speakers at the event included Chairman and Chief Executive
Officer (CEO) of OCI Nassef Sawiris, Iowa Governor Terry Branstad,
Director of Iowa Economic Development Authority (IEDA) Debi Durham, and
Lee County Supervisor Larry Kruse.

Governor Branstad commented: "The Iowa Fertilizer Company plant is one
of the largest investments ever in the state of Iowa. I am pleased to
be breaking ground today and moving forward with our efforts to bring
thousands of jobs to this area and to provide our farmers access to
affordable fertilizer. This project will help rejuvenate Lee County
and all of Iowa at a time when it is needed most."

Lieutenant Governor Kim Reynolds commented: "All of Iowa will see and
feel the positive economic impact of this project. Iowa Fertilizer
Company is bringing hundreds of millions of dollars into the state that
will directly benefit local outlets such as public schools. This
groundbreaking marks a step in the right direction for economic growth
and a successful future for the state of Iowa."

OCI Chairman and CEO Nassef Sawiris commented: "In November 2011, Iowa
Fertilizer Company was just an idea. Today, after much hard work by
local and state officials, we celebrate the start of construction work
on our new US$ 1.4 billion fertilizer plant, which represents the
largest investment project ever undertaken in the state. We would also
like to thank the community in Lee County for its support of our
project and reaffirm our commitment to utilize local suppliers,
contractors and workers whenever possible and involve ourselves in this

During the event, IFCo signed an agreement with the ANR Pipeline
Company, a subsidiary of TransCanada Corporation, covering terms for
the long term transportation of natural gas to the plant, an agreement
with Citigroup to serve as the lead underwriter of its bond financing
issuance, and an agreement with Iowa-based McAninch Corporation to
undertake the initial earthmoving and grading works on the site.

The Iowa Finance Authority's Board of Directors unanimously approved
the issuance of up to US$ 1.2 billion in Midwest Disaster Area bonds by
Iowa Fertilizer Company on November 16. As the borrower, IFCo will be
solely responsible for the repaying the debt and the rates and terms of
the bonds will be based on its creditworthiness. The Iowa Department
of Natural Resources approved the issuance of air permits for the new
plant on October 26. The new plant will utilize the best available
emissions control technologies and comply with all state and federal
emissions requirements.

Iowa is the top producer of corn in the United States, and cultivates
over 30 million acres annually. Iowa has the highest use of
nitrogen-based fertilizer in the nation, and IFCo will be well
positioned to satisfy Iowa's demand for nitrogen-based fertilizers.

About Orascom Construction Industries

OCI is one of Egypt's largest corporations employing more than 90,000
people in 35 countries around the globe. The OCI Fertilizer Group owns
and operates nitrogen fertilizer plants in Egypt, the Netherlands, the
United States, and Algeria and has an international distribution
platform spanning from the Americas to Asia. The OCI Fertilizer Group
ranks among the world's top fertilizer producers with a production
capacity which will exceed 7.0 million metric tons in 2012. The OCI
Construction Group provides international engineering and construction
services primarily on infrastructure, industrial and high-end
commercial projects in Europe, the Middle East and North Africa for
public and private clients. The OCI Construction Group ranks among the
world's top global contractors.
For additional information
contact:                        For additional information on OCI:
OCI Investor Relations
Department:                     www.orascomci.com
Omar Darwazah                   OCI stock symbols: OCIC.CA / OCIC EY /
Email:                          OCICqL / ORSD / ORSCY
[email protected]

                                Orascom Construction Industries (OCI)
Erika Wakid                     Nile City Towers - South Tower
Email:                          2005A Corniche El Nil
[email protected]       Cairo, Egypt
Hassan Badrawi

Tel: +202 2461 1036/0727/0917
Fax: +202 2461 9409

                    This information is provided by RNS
          The company news service from the London Stock Exchange


Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.