Welcome!

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
community."

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
Director

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

END

Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com

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
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, 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. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Niagara Networks 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. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.