Update: OCI N.V. Says To Sell Stake In Texas Methanol Plant Through IPO

Orascom Construction Industries S.A.E. (OCIC.CA)’s Dutch unit OCI N.V. said on Wednesday it plans to sell a minority state in a methanol and ammonia plant in Texas in an initial public offering in the second half of 2013.

The new partnership will use the funds from the IPO to repay debts and finance a debottlenecking project at the plant in Beaumont, Texas.

OCI has set up a limited partnership that will apply this month to the U.S. Securities and Exchange Commission to carry out the IPO.

“Subject to market conditions and final approval by OCI N.V.’s board of directors, OCI N.V. anticipates that a minority interest in the MLP will be offered in the IPO in the second half of 2013,” OCI said in a statement to the press.