OCI Partners reports losses
OCI Partners LP, which owns an ammonia and methanol complex in Beaumont, Texas, reported losses for both the fourth quarter and year ending Dec. 31, 2016.
The company posted a fourth-quarter net loss of $17 million on revenues of $66 million, compared to year-ago net income of $15 million and revenues of $88 million. The company cited lower ammonia prices, though it noted that those are up in first-quarter 2017.
For 2016, the company reported a net loss of $51 million on revenues of $258 million, compared to 2015 income of $52 million on revenues of $309 million.
Majority owner, OCI NV, which holds 79.88 percent of OCI Partners made a buy-out offer for the remaining shares in December 2016. The deal has not been finalized.