OCI NV, Amsterdam, said June 11 that CEO Nassef Sawiris will assume the position of Executive Chairman of OCI’s Board of Directors, with continued responsibility for directing OCI’s strategy.
Ahmed El-Hoshy, currently COO, will succeed Sawiris as CEO.
Hassan Badrawi will oversee M&A, in addition to his current role as CFO.
The appointments are effective Aug. 1.
Lordegan Urea Fertilizer Company (LUFC) in southwest Iran started production at its ammonia plant, said Executive Director of the company Mohsen Mahmoudi in a Trend News report, citing Shana news agency. The urea plant commission is expected between June 21- July 21, 2020.
When complete, the complex will produce 680,000 mt of ammonia and 1.07 million mt of urea per year. Construction for the complex began as early as 2014 and recent political sanctions against the nation have contributed to construction delays.
Iran’s urea exports have grown by 60 percent in the past five years to an estimated 2.5 million mt in 2019 on capacity growth, according to Alexis Maxwell, Green Markets Director of Research. Brazil is the largest buyer of Iranian urea in barter trade for food products. Iran is one of the largest buyers of Brazil’s agricultural commodities as food is not covered by U.S. sanctions.
