Orascom Construction Industries (OCI), a construction and fertilizer group plans to sell its minority stake at a Texas methanol plant. This is with a methanol and ammonia plant in the US and set to give an initial public offering by second quarter of 2013 as stated on Wednesday.

The funds from the IPO will be used to finance a firm's project that will tackle bottlenecks at the plant in Texas. It will also be used to repay the company's debts. CI N.V has proposed a limited partnership and will apply to the US Securities and Exchange Commission this month to carry out the initial public offering.

In a statement, the company stated that the IPO is subject to market conditions. Final approval will be made by the board of directors of OCI N.V with the anticipation of minority interest in the MLP (plant).

OCI N.V is a Dutch listed firm. It is also the parent of Orascom Construction Industries, the largest traded firm in Egypt. It has also stated last Monday that OCI N.V has filed updated documents to the Egyptian government for completion of tender offer for its Cairo listed shares. OCI N.V stated that their base in Amsterdam gives bigger access to international capital markets.