OCI Partners LP reports net income of $14 million on revenues of $93 million for the first quarter ending March 31, 2017, up from a year-ago loss of $6 million on revenues of $70 million.
In other news, OCI Partners LP President and CEO Frank Bakker has resigned, effective May 12, to pursue other opportunities. Ahmed El-Hoshy, CEO of OCI NV in the Americas, has been appointed to succeed him.
OCI Partners LP reports that its Beaumont, Texas, ammonia and methanol plants had unplanned shutdowns in late April. While the ammonia plant returned to production May 2, the methanol plant remains down for repairs. During the improvements on the methanol plant, the ammonia plant will only be operating up to a rate of 70 percent capacity, depending on the availability of over-the-fence hydrogen. Overall, OCI estimates the methanol plant will be back up within 16 days of April 27, the date it first went down.
