OCI in Investment by Consolidated Energy Affiliate in Natgasoline Project
May 23, 2016
Cleary Gottlieb represented OCI N.V. in connection with the issuance of a 50% ownership interest in Firewater LLC to G2X Energy, a subsidiary of Consolidated Energy AG, in exchange for G2X’s commitment to contribute $630 million in equity and to provide $50 million in shareholder loans should certain contingencies in construction arise. The deal closed on May 4, 2016 after the completion of a tax-exempt bonds issuance by Firewater’s wholly owned subsidiary, Natgasoline LLC.
Natgasoline is constructing a greenfield methanol production facility in Beaumont, Texas. The plant is expected to have a capacity of up to 1.75 million metric tons per annum and will be the United States’ largest methanol production facility. Natgasoline is expected to start production in the second half of 2017.