Natural Resource Partners LP (NRP) of Houston, TX has acquired a 48.51% general partner interest in OCI Wyoming LP and 20% of the common shares and all of the preferred shares of OCI Wyoming Co from subsidiaries of Andarko Petroleum Corp. NRP paid a net US$292.5 million for the interests, after normal closing adjustments to the purchase price of US$310 million. Andarko acquired the holdings following its merger with Union Pacific Resources Group Inc in July 2000. OCI Wyoming is the worlds fifth largest producer of soda ash and operates a trona mine and a soda ash refinery in Green River, WY. OCI Chemical Corp of Atlanta, GA (a subsidiary of OCI Co Ltd of Korea) is the majority owner and manages the day-to-day operations in Green River. Nick Carter, NRPs president, said, We are looking forward to a great partnership with OCI. With the acquisition of this interest in trona, we have taken another significant step in diversifying our revenues. In the past six years we have made a concerted effort to increase our exposure to a variety of minerals including aggregates, industrial minerals and oil & gas. NRPs acquisitions have included interests in frac sand and limestone. The company also has a joint venture with International Paper Co of Memphis, TN to own, manage, and develop more than seven million mineral acres previously held by International Paper.
Volume 27 issue 2