Iowa seeks to lure OCI nitrogen plant
The Iowa Economic Development Authority (IEDA) board has awarded financial assistance to a project to build a major nitrogen plant in Wever, Iowa, by Iowa Fertilizer Co., a unit of Eqypt’s Orascom Construction Industries.
"I am very excited to announce that with action today from the Iowa Economic Development Board, Iowa is one step closer to landing the largest capital investment project in the history of the state of Iowa," said Governor Terry Branstad.
"In addition to the significant investment Iowa Fertilizer Company’s proposed project would make in southeast Iowa, it will also bring good, high-paying jobs to an area of our state that has had its share of challenges," said Lt. Gov. Kim Reynolds.
The IEDA Board approved direct financial assistance as well as tax incentives for a proposed project to build a new large-scale fertilizer plant in Wever, located in Lee County. The company is also expected to receive local financial assistance from Lee County and the IDOT board will consider infrastructure assistance. The new plant would supply ammonia and other nitrogen fertilizers to farmers in Iowa and the Midwest. The project represents an investment in excess of $1 billion and is expected to create 165 permanent jobs.
In addition to the permanent jobs the project would create, approximately 1,500-2,000 construction-related jobs would also be expected. Debi Durham, director of the Iowa Economic Development Authority, said, "Iowa Fertilizer Company’s proposed project could have a huge impact for our entire state that will benefit us for years to come.
Economic development takes many forms but is best achieved when the assets of the location align perfectly with the strengths of the company making the investment." She continued, "That is exactly why it is essential we have the right tools to continue to compete for global projects of this magnitude."
OCI told Green Markets that it has received an offer for investment incentives from the Iowa Economic Development Authority. “The project is among several projects under consideration that have yet to be discussed by our board,” said an OCI spokesperson. “We will be making no further statements until the board comes to a decision.”