In preparation for Hurricane Laura, American Plant Food Corp. confirmed on Aug. 25 that it has halted shipping for an estimated 48 hours at its three Houston-area facilities at Greens Point, Freeport, and Galena Park. While Hurricane Laura appears to be following approximately the same path as Hurricane Harvey did in 2017, observers believe it may have a quick passage over the area. Harvey, however, lingered, causing much flooding, a factor which impacted shipping and contributed to the OCI Beaumont ammonia plant, among others being offline, for 17 days.
OCI Beaumont has confirmed that it is shutting down
its ammonia and methanol plants pre-emptively ahead of Hurricane Laura. The
hurricane appears to be following a similar path to that of Hurricane Harvey in
2017. OCI said the Beaumont ammonia plant was offline 17 days, with methanol
down only three due to Harvey.
Junior sulfate of potash developer Crystal Peak Minerals Inc., Toronto, said Aug. 21 that its cash balance could drop below the $500,000 minimum cash balance covenant. It said it is working with a financial advisor to pursue any and all financing alternatives, up to and including the sale of the company or its assets. It said a breach of the covenant could result in EMR Capital foreclosing on its security. Crystal Peak has been developing the Sevier Playa project in Utah.
Junior sulfate of potash developer SOPerior Fertilizer Corp.,
Toronto, said Aug. 24 that it has entered into a letter of intent (LOI) with an
arm’s length party to form a joint venture to develop its Blawn Mountain Mining
Lease in Utah. Initially, the two jv parties will have an equal 50-50 interest,
but the counter-party will have the right to earn additional ownership
interests as it successfully achieves a series of milestones.
Yara International ASA,
Oslo, said earlier today it has now received the $1 billion sale proceeds from
the transaction to sell its entire 25 percent stake in Qatar Fertiliser Co.
(QAFCO) to Qatar Petroleum, Doha. The fertilizer group yesterday confirmed it
had completed the transaction.
Yara will now initiate a
share buy-back program for up to 8,551,880 of its shares outstanding on the
open market. Including the proportional redemption of shares owned by the
Norwegian state, the total buyback and redemption will amount to approximately
5.0 percent (13,406,611 shares) of shares outstanding. The share purchases will
be carried out between Sept. 1, 2020 and March 23, 2021.
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