Who actually owns the proposed $4 billion aluminum smelter at the Tulsa Port of Inola, what each party is worth, and what they have put on the public record.
Compiled2 Sep 2026Rechecked21 Oct 2026Sources61, numbered belowFinancialsFY2025 & H1/Q2 2026CurrencyUSD; AED at 3.6725
How to read this. Every figure carries a bracketed number linking to the source register — click it to jump to the register entry, click your browser's back button to return. Sources marked PRIMARY are filings, permits, statutes or company results releases; the rest are reporting used where no primary document is public. Anything labelled est. is derived in this document and is not a disclosed figure.
How to read this. Every figure carries a bracketed number keyed to the numbered source register at the end of this document, where each entry gives the document title, date and full URL. Sources marked PRIMARY are filings, permits, statutes, dockets or company results releases; the rest is reporting, used where no primary document is public. Anything labelled est. is derived in this document and is not a disclosed figure.
Finding 01 · Status
There is no final investment decision.
What exists is a joint development agreement announced 26 January 2026, not a definitive joint venture agreement.219 On the Q2 2026 call Century put FID and groundbreaking at "the end of this year";5 as of 21 October none has been announced, and Inola has since extended its construction moratorium to April 2027.53 The land is held on option, not owned.47 Until FID, the $4 billion is a stated intention, not committed capital.
Finding 02 · Capacity
The 60% owner is rebuilding its own flagship.
EGA's Al Taweelah site was hit by Iranian missile and drone attacks on 28 March 2026.11 Roughly 1.6 Mt/yr of output went down,15 restoration runs ~AED 1.5bn (~$400m), about half the cells were back by 21 October and pre-incident output is guided to Q1 2027,1056 and the IPO slipped to at least 2027.14
Finding 03 · Financing
Century's share is funded largely by federal policy.
A $500m DOE award paid dollar-for-dollar against spend,522 a $200m asset sale with a $300m put,1634 45X credits, and a Section 232 carve-out worth an estimated $200–265m a year from 2027, subject to Commerce implementing rules.5 Little of it is conventional project debt.
Ownership chain
Equity as of 30 Jun 2026
Two sovereign wealth funds sit at the top of the 60% side.1617 A Swiss commodity trader sits on top of the 40% side.17No US pension fund, utility or public body holds equity in the smelter itself — the public contribution is entirely incentives and infrastructure.1820
Glencore's stake is common stock only — its 160,000 Series A preferred shares, bought for $1.09bn in July 2008, converted to common over time; the last ~49,486 auto-converted on 10 November 2025 and none remain outstanding [7]. The DOE award is held by Century, not by the joint venture [22][23]. Mubadala/ICD equal ownership per Mubadala [24a].
Registered agentC T Corporation System, Oklahoma City
Snapshot status"Former" in the 5 Jul 2026 snapshot (see Q01)
This resolves the naming confusion across the record: the Attorney General's defendant "Aluminum Oklahoma" [27], the developer's public brand "Oklahoma Primary Aluminum" [32], and the registry entity "EGA Inola LLC" are one filing [26]. The "Former" status flag in the July snapshot most likely reflects a superseded legal name rather than dissolution; the live filing history has not been obtained (see Q01).
Company files
Nine parties
Ordered by proximity to the smelter: the two equity owners first, then their ultimate parents, then the commercial and public counterparties whose decisions the project still depends on.
EGA
Emirates Global Aluminium PJSC
60% owner of the joint venture · Abu Dhabi & Dubai, UAE
The largest UAE industrial company outside oil and gas, formed in 2013 from the merger of Dubai Aluminium and Emirates Aluminium.24a Two events dominate the current file. Guinea: the military government rescinded Guinea Alumina Corporation's mining licences in May 2025, producing the AED 2.81bn charge that explains why reported profit fell while underlying profit rose.9Al Taweelah: Iranian missile and drone strikes on the Khalifa Economic Zone on 28 March 2026 forced an uncontrolled shutdown with metal freezing in the cells;1115 EGA declared force majeure on certain products in April, had restarted 227 of 1,262 cells by 10 August, about 25% by 26 August and 631 (about half) by 21 October, and guides pre-incident hot metal to Q1 2027.101256 The IPO being marketed in February at a $10–15bn valuation — Citi, Goldman Sachs, Emirates NBD Capital and FAB engaged, Rothschild advising — has slipped to at least 2027.14 EGA's contribution to Inola is its EX reduction-cell technology.32
CENX
Century Aluminum Company
40% owner of the joint venture · Chicago, Illinois · DOE awardee
NASDAQ: CENXCIK 0000949157
Market cap
~$3.3bn$33.50/sh, 20 Oct 2026 (~$4.6bn early Sep)6a
up to $500m4 phases; $10m released for Phase 12349
Century runs Mt. Holly and Sebree in the US, Grundartangi in Iceland, and holds a stake in Jamalco in Jamaica.1 It is the named DOE awardee — the "Green Aluminum Smelter" selection dates to March 2024, before the EGA partnership23 — and a defendant alongside Aluminum Oklahoma in the Attorney General's suit.2729 The balance sheet strengthened sharply into the project: management put net debt at about $98m at 30 June and management said cash exceeded total debt by end-July, helped by the Hawesville sale, 45X credits and insurance recoveries.35 Neither filing discloses the Attorney General's suit or any Inola-specific litigation: the Q2 10-Q's legal-proceedings note lists only legacy matters. The FY2025 10-K's only Inola risk factor concerns the DOE funding and the need for "substantial additional financing"; permitting, litigation and power-contract risk appear only in forward-looking-statement language.12That absence is itself worth tracking — an AG nuisance suit seeking an injunction and a federal NEPA challenge would normally surface in legal proceedings once considered material.
MIC
Mubadala Investment Company
50% shareholder of EGA · sovereign wealth fund, Abu Dhabi
Mubadala is the ultimate Abu Dhabi owner of half of EGA24a and a rated, regularly reporting issuer in international debt markets — the layer of this structure with the most public financial disclosure above EGA itself. Its 44% North American weighting is the strategic context for a US greenfield smelter.16
ICD
Investment Corporation of Dubai
50% shareholder of EGA · sovereign holding company, Dubai
ICD is Dubai's principal holding company — Emirates airline, Emirates NBD, ENOC and Dubal Holding (the vehicle for its 50% of EGA) sit under it. It publishes audited consolidated statements because of its listed debt and files half-year accounts on Nasdaq Dubai,17 which makes it the more tractable of the two parents for verifying EGA's carrying value and any capital calls tied to Oklahoma.
GLEN
Glencore plc
Largest Century shareholder, principal customer and alumina supplier
Glencore is not an owner of the smelter, but it is the commercial gravity around the 40% partner: roughly 45.5% of Century's consolidated revenue in H1 2026 — about 54% in FY2025 — is sales to Glencore, priced at LME plus the Midwest premium (US metal) or European Duty Paid premium (Iceland) plus product premiums, and Glencore also supplies a portion of Century's alumina (500 kt/yr through December 2028).12 Its stake has been trimmed steadily, from 42.9% at end-2024 to 36.4% at end-2025 (after a ~9m-share sale in November 2025) to 30.0% after the 4 March 2026 block sale,5827 which reads as a deliberate move below the one-third threshold. Anyone modelling who captures the value of new Inola tonnes has to model Glencore's offtake position, not just the JV's equity split.
BEC
Bechtel Corporation
Preparatory engineering · Reston, Virginia
Private — no public filings
Revenue (2024)
$20.6bnself-reported; backlog $58.2bn; no audited public accounts40
A Bechtel–Petrofac joint venture built EGA's Al Taweelah alumina refinery, so this is an incumbent relationship rather than a competitive selection.4045 Its scope is preparatory engineering and early execution planning — the work that precedes FID.45No public filings exist for this entity; anything on contract value or scope must come from the JV, from Bechtel's state annual reports, or from Port procurement records.
AEP
American Electric Power / Public Service Co. of Oklahoma
Counterparty to the unsigned long-term power agreement · original landowner
~$16m/yr + ≤10%preliminary, not a final contract18
Land contributed
2,000+ acresto the Port Authority, Oct 2019; ~240 acres earlier sold to Sofidel39
PSO is doubly entangled: it transferred the 2,000-plus acres that became the Port of Inola industrial park,39 and it is the utility on the other side of the power agreement the project cannot reach FID without.232 The OCC preapproved about $1.3bn of new capacity — gas units, batteries and purchased power, with construction-work-in-progress billed to ratepayers — which the appellant, Rep. Gann, says is to serve large loads including this smelter and eastern Oklahoma data centres. That order is under appeal, joined by AARP and the Oklahoma Industrial Energy Consumers.36 The 2025 MOU contemplated a special-rate framework including a state-backed bond credit worth an estimated ~$16m a year, up to a 10% discount on standard large-power rates and a fuel hedge of up to 40%; no final contract and no corresponding tariff filing are on the record.1832 PSO's stated position is that the plant pays for its own infrastructure and that every cost and revenue of serving it goes to a future rate case, with the OCC separately weighing a "system contribution charge" to make large loads contribute earlier.50
~$10.5m24-inch Verdigris River line, per TIF plan20
A public trust, not a company — which matters, because it is the entity whose land and infrastructure commitments sit underneath the TIF.20What EGA holds is an exclusive land option, by its own account — not a lease and not a purchase.47 The acreage, price and term are not on the public record. It is also the party that, alongside Oklahoma Primary Aluminum, warned the Inola Town Council that a long construction moratorium and new zoning restrictions could unlawfully interfere with existing investment; the council cut its proposed 180-day pause to 60 days on 29 June 2026.41 On 14 September the trustees extended the moratorium to 7 April 2027 and sent a citizen-initiated smelting ban to an April 2027 referendum,53 and on 15 October the Tulsa Ports board voted to take legal action against the town.54
USAL
U.S. Aluminum Company
First downstream counterparty · exploratory agreement, Feb 2026
Aero, defence, auto, electricalno capital or jobs figure disclosed35
The basis for the state's "aluminum hub" framing.42 It is an agreement to explore, with no capital number, no site and no timeline on the public record35 — treat it as an option, not a committed second plant, when weighing claimed indirect employment.
The two owners, side by side
FY2025 unless noted
EGA is roughly three and a half times Century's size by revenue and about seven times by total debt, but it carries the Guinea write-off and the Al Taweelah rebuild. Century is smaller and, after its 2026 deleveraging, much less levered, and enters the project with the strongest balance sheet it has reported in years.
AED converted at the 3.6725 peg. EGA "underlying" excludes Guinea Alumina Corporation; reported figures include it. Century H1 2026 adjusted EBITDA is the sum of the two disclosed quarters ($231.4m + $326.9m).
Neither owner is financially incapable of building this. EGA's underlying EBITDA of about $2.5bn a year exceeds its 60% share of the build cost (~$2.4bn est.),9 and Century's management-stated net debt of ~$98m against a market cap of ~$3.3bn leaves substantial headroom.56a The constraint on Inola is not balance-sheet capacity — it is the power contract,2 the air permit24 and the litigation,29 all of which sit outside both companies' control.
Who pays for the $4 billion
Century's 40% share
EGA has not disclosed how it funds its 60%; the February $5bn refinancing was described as refinancing plus "strategic initiatives," with no allocation to Oklahoma stated.13 Century's side is unusually well documented, because management walked through it on the Q2 2026 call.5
Century's stated sources for its equity share. The tariff line is our estimate, computed from the CEO's own stated rule of thumb — 25 percentage points of duty on up to 300,000 t/yr — and is not a company-disclosed figure.
Source
Amount
Mechanism and status
Src
DOE OCED award
up to $500m
Paid dollar-for-dollar against project spend, against defined milestones. Management calls it secured. Held by Century, not the JV.
6.8% non-dilutive interest, with the right to require purchase at $300m from the first anniversary of data centre operations. TeraWulf signed a 20-year, ~401 MW lease with Anthropic for the site on 6 Jul 2026.
The 20 Jul 2026 presidential action lets approved builders import primary aluminium up to their new capacity at half the otherwise applicable Section 232 rate (25% rather than 50%). Century expects up to 300,000 t/yr from 2027, pending Commerce rules. At LME $2,700–3,500/t the 25-point spread is worth roughly $675–875/t.
The tariff carve-out is the most consequential and least discussed piece of this deal. It converts a federal trade measure into an annual cash stream that scales with capacity a company is building but has not yet built — Century earns the import discount from 2027 on metal it sources elsewhere, years before Inola produces anything, and the entitlement is sized at its 40% share of 750,000 tonnes.5 Combined with the DOE grant,22 a substantial share of Century's equity contribution is ultimately federal policy rather than shareholder capital. That is a structurally different bargain from a conventional abatement, and it is the point most worth carrying into any comparison with a county-level incentive request.
Public support on the record
Federal · state · local
These figures come from the April 2025 MOU,18 the Inola project plan,20 HB 2781 and SB 10002157 and the DOE announcements.2223They cannot be summed into a single headline number — some are cash, some are foregone taxes, some are increment created by the development itself, and several were expressly preliminary and subject to definitive agreements.18
Preliminary figures as they appear in the source documents. The TIF sub-items marked "of which" are components of the $545m total, not additions to it.
5.7% of increment is directed to affected taxing entities — half of that to Inola Public Schools, 20% to the Town, 30% split among Northeast Technology Center, Rogers County, the county health department and the fair board.20
Discrepancy register
Reconcile before citing
Four places where official sources disagree with each other. In each case the difference is explainable, but citing the wrong figure in a public setting is how a good argument gets discredited.
Item
Conflicting figures
Most likely explanation
Src
Annual capacity
750,000 t (JV, Jan 2026) vs "over 500,000 tons"(DOE, Feb 2026) · 600,000 t (MOU, Apr 2025)
The MOU's 600,000 t was upsized to 750,000 t when Century joined. DOE's "over 500,000" is not strictly inconsistent with 750,000 t but understates the JV figure that the same DOE release references. DOE also cites ~20,000 t of high-purity metal for defence, a figure absent from JV materials.
DOE celebrates "progress toward constructing" the smelter and $500m "to advance construction" vs DEQ permit still in technical review
DOE language is promotional. No major-source construction permit has issued; DEQ asked for further support of the emissions figures on 7 October 2026. The project is not permitted and site work has not begun.
633 acres (MOU, AG filing) · "more than 350 acres" (Commerce) · 437.5 acres (ESIA, Mar 2026)
The MOU's 633 acres was the parcel EGA sought to option; Commerce's "more than 350" is a floor for the facility; 437.5 acres is the currently defined project site. The ESIA figure is the most recent and most specific. The optioned acreage itself is not public.
A real, sequential reduction — a ~9m-share block sale on 10 Nov 2025, then the 4 Mar 2026 block sale of 6.3m shares at $51.75 — not a reporting inconsistency. Always date the figure.
Phase 1 was cleared by categorical exclusion CX-033530 (published 2 Dec 2024, before the Inola site was selected) rather than an EIS or EA — the determination the residents' suit attacks.
Until FID, no party is committed to spend $4bn. Every incentive figure is contingent on a decision that has not been made; none had been announced by 21 Oct 2026.
Tier III PSD major source. Corrected application filed 3 Sep 2026 (potline fluoride limit cut from 1.02 to 0.64 lb/t); DEQ's 7 Oct letter asks for more support for the emissions figures. BACT review, dispersion modelling and a draft-permit public meeting all still ahead. Only the air application has been filed — water, stormwater and waste permits are separate.
Remanded from N.D. Okla. to Rogers County District Court on 3 Sep 2026 (no substantial federal question). The preliminary-injunction motion filed 11 Aug has not been ruled on; DOJ's statement of interest was filed in the federal proceeding.
Management attention and ~$400m of capital committed to the rebuild through Q1 2027, concurrent with Oklahoma pre-FID engineering. 631 of 1,262 cells restarted by 21 Oct 2026.
No confirmed demand figure. A 6 MGD indication from an unnamed Port customer appears in Mayes County RWD No. 2 minutes but is not attributed to this project; a prior Corps assessment put full Port development near 4 MGD.
The 60-day pause adopted 29 Jun 2026 was extended unanimously on 14 Sep 2026. The developer calls the extension unlawful and says it will go to court; the Tulsa Ports board voted on 15 Oct to take legal action against the town.
A citizen ordinance banning primary aluminium smelting in town limits goes to Inola voters in April 2027. The petition's validity is still being litigated in Rogers County District Court.
Each of these was a gap in the record. Two are closed from primary sources, three are partly answered, and one waits on a filing not yet made. The two most consequential answers — the land option and the DOE categorical exclusion — change how the project should be characterised.
Q01
What is the live status of EGA Inola LLC, and what filing produced the "Former" flag?
Partly resolved
Not answerable remotely, but dissolution is ruled out. No public filing documents the name change, and the Secretary of State's entity detail pages are not machine-retrievable. The entity is nonetheless demonstrably operating under both trade names: "Oklahoma Primary Aluminum" wrote to the Inola Town Council in June 2026 warning about the moratorium,41 and "Aluminum Oklahoma" is a named defendant that removed the Attorney General's case to federal court in July 2026 (remanded to state court on 3 September).2952 The "Former" flag therefore almost certainly marks a superseded legal name, not a dead entity. To close it: order a certified copy of the filing history from the Oklahoma Secretary of State.26
Q02
Does a definitive joint venture agreement disclose the capital call schedule?
Resolved
There is no definitive agreement to disclose one. Negotiating a definitive joint venture agreement with EGA remains an express condition precedent to construction in Century's FY2025 10-K, and nothing in the Q1 or Q2 2026 filings reports it satisfied.216 The only instrument in force is the joint development agreement of 26 January 2026.19 No capital call schedule or committed contribution figure exists in public form, and none will until FID, which management targets for the end of 2026.5Watch for: the 8-K announcing FID. That is the filing that carries the numbers.
Q03
What are the DOE award's milestone conditions, and what happens if the project stalls?
Partly resolved
It is a four-phase cooperative agreement, and only Phase 1 has been funded. Of the up-to-$500m federal cost share, $10m was released for Phase 1 — site selection, initial engineering studies, NEPA documentation, and community and labor engagement.23 Century describes later funds as drawn dollar-for-dollar against project spend once milestones are met.5 The significant find: DOE cleared Phase 1 with a categorical exclusion, CX-033530, published 2 December 2024 — before the Inola site was selected — a determination that Phase 1 required neither an environmental impact statement nor an environmental assessment.46 That determination is the pivot of the residents' NEPA suit.31Still open: recapture and termination terms live in the cooperative agreement itself, which is unpublished. A FOIA request to OCED is the route.
Q04
What did the Port Authority actually sign — lease, option or purchase?
Partly resolved
An option. EGA says it signed an exclusive land option agreement for a site in the Port of Inola industrial park.47 Not a lease, not a purchase, not a conveyance. This is the most clarifying fact in this file: the site is not committed land, which is internally consistent with there being no definitive JV agreement and no FID. The acreage is less clear: the 2025 MOU described a land option to purchase about 633 acres,18 Commerce described the facility as "more than 350 acres,"39 and the March 2026 ESIA defines a 437.5-acre project site.33Still worth pulling: the executed option's acreage, strike price, term and extension rights, from Port board minutes. The Port's board has since said it is acting to protect its property interests at the site.54
Q05
What rate does the PSO agreement contemplate, and who pays the difference?
Partly resolved
No special industrial rate has been filed, and PSO's public position is that the smelter pays its own way first. PSO states the plant initially pays for its own infrastructure — "they pay for the infrastructure and the things they need to support their project" — and that all investments, costs and revenues associated with serving the smelter will be reviewed in a future rate case, calling present rate impacts "speculative." No investments serving the plant were under review in the current case.50 The OCC is separately weighing a "system contribution charge" that would make large industrial loads pay toward infrastructure earlier, shielding residential and small-business customers.50 For scale: the January 2026 rate case sought roughly $600m in total (about $25/month residential, ~15%), of which $299m was the base-rate component; the settlement negotiated by the Attorney General with AARP, The Petroleum Alliance and the OCC's Public Utility Division cut that to $73m, a residential increase near 1% or about $2.45 a month, with interim rates running pending OCC approval.3848Still open: the MOU's ~$16m/yr and up-to-10% discount concept18 has no corresponding tariff filing. Until the supply agreement is filed, no one can say who absorbs the difference.
Q06
Does Century's Q3 2026 10-Q add an Inola legal proceedings disclosure?
Pending
Not yet — Century has not filed it. Q3 2026 closed on 30 September 2026; as of 21 October no Q3 release or 10-Q has been filed, and the 10-Q is expected in early November. The Q2 filing remains Century's current disclosure, and it carries no Inola legal-proceedings item despite the AG action (now back in Rogers County District Court) and the NEPA suit.1283152Watch: Part II, Item 1 of the Q3 10-Q. Adding the AG action there would signal Century now treats it as material; continued silence is itself a data point.
What the answers change
Three facts now sit together and point the same way: the land is optioned, not owned; the joint venture agreement is unsigned; and only $10m of the $500m federal award has been released.47223 A $4bn project whose federal sponsor celebrates "progress toward constructing" it22 is, on the documentary record, a funded Phase 1 study on optioned ground under a local moratorium.53 For a county weighing an incentive package against this precedent, the gap between announcement and commitment is the comparison that matters: Oklahoma legislated $255m and Inola authorised up to $545m of increment202157 against a project that has not yet reached its own final investment decision.
Source register
61 entries
Grouped by type; numbers are stable identifiers, not citation order. Entries 51–59 were added in the 21 October 2026 recheck. PRIMARY marks filings, permits, statutes, dockets and company results releases — documents that are themselves the record. Everything else is reporting, used where no primary document is public or where it corroborates a figure.
2Century Aluminum Company — Form 10-K, FY2025. EGA joint development agreement, DOE award references, Glencore concentration and supply terms, power-supply condition precedent.sec.gov/Archives/edgar/data/949157/…/cenx-20251231.htmPrimary
3Century Aluminum — Second Quarter 2026 Results, 6 August 2026. Filed as 8-K exhibit 99.1.centuryaluminum.com · SEC copyPrimary
4Century Aluminum — Fourth Quarter and Full Year 2025 Results. FY2025 net sales, net income, adjusted EBITDA, total debt and liquidity.centuryaluminum.com · SEC copyPrimary
5Century Aluminum — Q2 2026 earnings call transcript, 6 August 2026. CEO remarks on FID timing, DOE grant mechanics, the Section 232 import entitlement, the July 45X refund and insurance receipts, management's net-debt figure, and capital allocation. Third-party transcript.webull.com — CENX Q2 2026 transcriptPrimary
6aCentury Aluminum market capitalisation and share price, early September and 20 October 2026. Daily closes ($46.78–47.51 on 1–4 Sep; $33.50 on 20 Oct) against ~99.0m shares outstanding disclosed in [1] and [7].stockanalysis.com — CENX price history · cnbc.com/quotes/CENXMarket data
7Glencore plc — Schedule 13D/A on Century Aluminum, March 2026. Block sale of 6,315,245 shares at $51.75 on 4 March 2026; resulting 29,690,702 shares (29.99%); final Series A preferred conversion of 10 November 2025.sec.gov — CENX SC 13D/A (0001104659-26-023524)Primary
9EGA — 2025 full-year results, 25 February 2026. Underlying revenue AED 31.98bn, underlying EBITDA AED 9.28bn, underlying net profit AED 4.93bn, reported net profit AED 2.12bn, GAC charge AED 2.81bn, total debt AED 14.08bn, net debt/EBITDA 1.35×, 2.83 Mt sold.media.ega.ae — 2025 resultsPrimary
10EGA — H1 2026 results. Adjusted EBITDA AED 4.506bn (+11%), adjusted net profit AED 2.46bn (+34%), reported net income AED 1.73bn after an AED 725m Al Taweelah impact; cast metal 1,006 kt vs 1,420 kt; 227 of 1,262 cells restarted by 10 August; ~AED 1.5bn restoration cost; pre-incident output guided to Q1 2027.gulfnews.com · aluminiumtoday.comReporting
11EGA — "Al Taweelah site at KEZAD sustains significant damage," 28 March 2026. Company statement on the Iranian missile and drone attack; employees injured. The 3 April 2026 update gave early indications that full restoration of primary production could take up to 12 months.media.ega.ae — Al Taweelah damage statement · media.ega.ae — 3 April 2026 updatePrimary
12"EGA's Al Taweelah smelter restoration works reach 25% after Iran strike damage," The National, 26 August 2026.thenationalnews.comReporting
13"Emirates Global Aluminium secures $5bn in debt financing," The National, 27 February 2026. Multi-tranche conventional and Sharia-compliant facilities from 21 banks, tenors up to five years, for refinancing and strategic initiatives.thenationalnews.comReporting
14EGA IPO — investor meetings and postponement, February–May 2026. $10–15bn indicative valuation with Citi, Goldman Sachs, Emirates NBD Capital and FAB engaged and Rothschild advising; listing deferred to at least 2027 after the Al Taweelah damage.agbi.com · bloomberg.com · enterpriseam.com (13 May 2026, citing the FT)Reporting
15"Iran Strikes Gulf Aluminum Smelters," Exiger, 1 April 2026. 28 March 2026 strikes on EGA Al Taweelah (1.6 Mt cast in 2025) and Alba; frozen potlines, six-to-twelve-month restart, aluminium +6% to $3,492/t, US Midwest premium at a record $1.10/lb; assessment of Inola timeline risk.exiger.comAnalysis
16Mubadala Investment Company — 2025 annual results. AUM AED 1.4tn ($385bn), +17%; five- and ten-year returns of 10.7% and 10.3%; AED 143bn deployed, AED 138bn proceeds; geographic and asset-class mix.mubadala.com · 2025 Annual ReviewPrimary
17Investment Corporation of Dubai — Annual Report 2025. Total assets AED 1.68tn, revenue AED 359bn, profit before tax AED 84bn; 2024 comparatives.reporting.icd.gov.ae — ICD Annual Report 2025 (PDF)Primary
56EGA Al Taweelah restoration reaches about 50%, 21 October 2026. 631 of 1,262 reduction cells restarted; full pre-incident output still guided to Q1 2027.khaleejtimes.com · gulfnews.comReporting
Government — award, permit, statute, registry
18EGA–State of Oklahoma Memorandum of Understanding, 21 April 2025. Non-binding. Source for the incentive package, the ~633-acre parcel, 464 reduction cells, 600,000 t/yr original capacity and the PSO rate concept.okcommerce.gov — EGA MOU (PDF)Primary
19"Century Aluminum Joins EGA Project to Build First U.S. Smelter in Almost 50 Years," Oklahoma Department of Commerce, January 2026. The 60/40 split, the 750,000 t/yr upsizing, and the joint development agreement of 26 January 2026.okcommerce.gov · Century releasePrimary
20Amended and Restated Port of Inola Project Plan. TIF A/B/C structure and 25/7/25-year terms, $370m/$55m/$120m projected maxima, the $270m development-financing line, $89m port and $25m town infrastructure, $45m schools, the 5.7% allocation to taxing entities, the 24-inch raw-water intake and wastewater system estimates.inolaok.com — Project Plan (PDF) · index pagePrimary
21HB 2781 — Reindustrialize Oklahoma Act of 2025 (ROA-25), enrolled text. Eligibility thresholds of $2bn investment, 700 initial jobs rising to 1,000, and the 15-year funding mechanism.oklegislature.gov — HB 2781 ENR (PDF) · bill historyPrimary
22"Energy Department Awardee to Build First American Aluminum Smelter Since 1980," US DOE, 10 February 2026. $500m award; the "over 500,000 tons" and ~20,000 t high-purity defence figures; the "progress toward constructing" characterisation.energy.govPrimary
23DOE Office of Clean Energy Demonstrations — Award Wednesday, 15 January 2025. Century's Green Aluminum Smelter cooperative award, up to $500m federal cost share, $10m for Phase 1: site selection, initial engineering studies, NEPA documentation, and community and labor engagement.energy.gov/cmei/ocedPrimary
24Oklahoma DEQ — permit record 2026-0100-C PSD. Tier III major source construction permit; application received 9 February 2026; stage Technical Review; status "Awaiting Applicant Response" at compile, "Under DEQ Review" on 21 October 2026 after a corrected application (3 Sep) and an additional information request (7 Oct).applications.deq.ok.gov — permit 2026-0100-CPrimary
25Oklahoma DEQ — Proposed Aluminum Smelter Project, Inola. Project hub; confirms only the air construction permit application has been received and lists the BACT, dispersion-modelling and draft-permit public meetings still to come.oklahoma.gov/deq/aluminum-smelter-inola.htmlPrimary
26Oklahoma Secretary of State business registry — EGA INOLA LLC, entity 3713892619. Foreign LLC; trade names ALUMINUM OKLAHOMA LLC and OKLAHOMA PRIMARY ALUMINUM LLC; registered agent C T Corporation System, Oklahoma City; status flag "Former" in the snapshot dated 5 July 2026. Retrieved via the GovFiles Secretary-of-State dataset, 2 September 2026.sos.ok.gov — business entity searchPrimary
36"Gann Appeals $1.3B OCC Preapproval of New PSO Capacity to Power Inola Smelter, Data Centers," Oklahoma House of Representatives, June 2026. Appeal of the OCC's May 2026 preapproval in cause PUD 2025-000064 (~$1.255bn); CWIP billing; Rep. Gann's account of the intended large loads (the order names no customers); AARP and Oklahoma Industrial Energy Consumers joining the appeal on 29 May; Oklahoma Supreme Court No. 124090.okhouse.gov · okenergytoday.comPrimary
37AEP — fourth quarter and full-year 2025 results. Revenue $21.88bn and 5.6m customers across 11 states; total assets from [59].aep.com · okenergytoday.comPrimary
38PSO Oklahoma rate case settlement, 2026. $73m of new annual revenue against $299m requested, a 75.6% reduction, at a 9.375% ROE (per AEP's Q2 2026 10-Q); non-unanimous and pending OCC approval.ts2.tech · nondoc.comReporting
39Tulsa Ports / PSO land transfer and Port of Inola site. 2,200-acre industrial park; PSO transferred more than 2,000 acres to the City of Tulsa–Rogers County Port Authority in October 2019, after selling about 240 acres to Sofidel in 2018; Commerce describes the EGA facility at "more than 350 acres."tulsaports.com · southwestledger.news · okcommerce.govPrimary
43Mayes County Rural Water District No. 2 — board minutes, 14 April 2025. Records a "potential customer at the Port of Inola" indicating possible demand up to 6 MGD requiring $40–45m of improvements, expressly preliminary with no definite demand provided.rwdno2.com — April 2025 minutes (PDF) · USACE Tulsa Ports draft EAPrimary
57SB 1000 (2025), enrolled text. Appropriates $180,000,000 plus $75,000,000 ($255m) for the Reindustrialize Oklahoma Act program; HB 2781 itself carries no dollar amount.oklegislature.gov — SB 1000 ENR (PDF)Primary
55Oklahoma Primary Aluminum corrected air-permit application (3 September 2026) and DEQ information request (7 October 2026). Corrected application cuts the proposed potline total-fluoride limit from 1.02 to 0.64 lb/t of aluminium; DEQ's October letter asks the applicant to support its emissions figures and show allowable increases would not cause federal violations.fox23.com · kjrh.com · DEQ permit recordReporting
Litigation
27"Drummond files action to block Inola aluminum smelter," Oklahoma Attorney General, 2 June 2026. Public nuisance petition in Rogers County District Court against Century Aluminum Company and Aluminum Oklahoma, LLC; the >1,000 MW continuous load figure.oklahoma.gov/oagPrimary
28"Drummond files for preliminary injunction to block aluminum smelter," Oklahoma Attorney General, 11 August 2026. Motion and the Sahu expert declaration; the projected emissions figures drawn from the permit application (CO 87,182 t/yr; NOx 316; PM 731; VOC 217; HAPs 187; total fluorides 425), from the February 2026 application before its 3 September correction [55].oklahoma.gov/oagPrimary
29State of Oklahoma v. Century Aluminum Company et al., No. 4:26-cv-00450, U.S. District Court, Northern District of Oklahoma. Removed from Rogers County District Court (CV-2026-108) 21 July 2026; remanded 3 September 2026 [52].dockets.justia.com — 4:26-cv-00450Primary
30"Justice Department Files a Statement of Interest in Support of the Primary Aluminum Smelter Project in Inola, Oklahoma," US DOJ, 28 August 2026. Filed 27 August in the federal case. Argues the nuisance suit is premature and that Clean Air Act and Clean Water Act permitting are the proper mechanisms.justice.gov/opaPrimary
31"Residents filed suit to stop Energy Department funding of Inola smelter," OK Energy Today, 30 August 2026. Four nearby residents challenging DOE's NEPA process on the award; docket at [51].okenergytoday.comReporting
41Inola Town Council 60-day construction moratorium, adopted 29 June 2026. Reduced from a proposed 180 days after Tulsa Ports and Oklahoma Primary Aluminum warned of legal exposure; extended on 14 September 2026 to 7 April 2027 [53].oklahomavoice.com · tulsaworld.comReporting
51Hill v. U.S. Department of Energy, No. 4:26-cv-00534, U.S. District Court, Northern District of Oklahoma. Complaint filed 27 August 2026 by four nearby residents against DOE and Secretary Wright; NEPA/APA claims including segmentation and the absence of site-specific review. DOE has reportedly moved to dismiss (October 2026).courtlistener.com — 4:26-cv-00534Primary
52Remand of State of Oklahoma v. Century Aluminum Company et al. to Rogers County District Court, 3 September 2026. Judge Sara E. Hill found no substantial federal-question jurisdiction; the federal preliminary-injunction motion terminated without a ruling. The case returns as Rogers County CV-2026-108.oklahoma.gov/oag · courtlistener.com — 4:26-cv-00450 · oklahomavoice.comPrimary
53Inola trustees extend the moratorium to 7 April 2027 and send a smelting ban to the ballot, 14 September 2026. Unanimous vote; the citizen-initiated ordinance banning primary aluminium smelting goes to an April 2027 referendum while the petition's validity is litigated in Rogers County District Court. The developer called the extension unlawful.news9.com · Reuters via kitco.com · oklahomavoice.comReporting
54Tulsa Ports board authorises legal action against the Town of Inola, 15 October 2026. Unanimous vote to seek declaratory and injunctive relief against town restrictions on development at the Port, including the moratorium.ktul.com · okenergytoday.comReporting
Project, counterparties and context
32Oklahoma Primary Aluminum — Answers Center. Developer statements on ownership, EX reduction-cell technology, the unsigned PSO agreement subject to OCC review, wet and dry scrubbing with a claimed lowest-in-US fluoride emissions intensity limit, and the Port industrial-user wastewater route.oklahomaprimaryaluminum.com — Answers Center · project descriptionPrimary
33Oklahoma Primary Aluminum — Environmental and Social Impact Assessment scoping report summary, March 2026. Defines the current project site at 437.5 acres about three miles west of Inola, and lists the smelter, casthouse, carbon-anode plant, rail spur, switchyard and conveyor.oklahomaprimaryaluminum.com — ESIA scoping summary (PDF)Primary
34Century Aluminum — Hawesville sale and digital infrastructure campus, February 2026. $200m cash plus a 6.8% non-dilutive interest in Raylan Data Holdings LLC, with a $300m put from the first anniversary of data centre operations; TeraWulf's 20-year ~401 MW Anthropic lease announced 6 July 2026.centuryaluminum.com · GlobeNewswire repostPrimary
35"Oklahoma's burgeoning aluminum hub gets boost with agreement between U.S. Aluminum Company and EGA, Century Aluminum," 24 February 2026. Exploratory agreement for a fabrication plant using liquid metal from the Inola casthouse.media.ega.ae · Century releasePrimary
40Bechtel — corporate financials and profile. 2024 revenue $20.6bn and backlog $58.2bn (self-reported), nearly 43,000 colleagues at end-2024, family-held; a Bechtel–Petrofac joint venture built EGA's Al Taweelah alumina refinery.bechtel.com/impact/financials · year in numbers · Al Taweelah refinery project pageCompany
42"The Aluminum Smelter That Could Reshape the U.S. Industrial Map," Area Development, Q2 2026. Analysis of the incentive structure as a performance-tethered payment stream rather than an upfront payment; the >$1bn combined package framing.areadevelopment.comAnalysis
44"Oklahoma reviews proposed aluminum smelter's environmental impacts amid pushback," KOSU / StateImpact Oklahoma. DEQ's stated intent to evaluate fluoride deposition on vegetation and livestock through BACT review and dispersion modelling.kosu.orgReporting
45"Bechtel to lead preparatory engineering work on Oklahoma aluminium project," EGA, 9 February 2026. Scope: preparatory engineering and early execution planning; no contract value disclosed.media.ega.aePrimary
46DOE categorical exclusion CX-033530 — "Project Horizon: Green Aluminum Smelter Project – Phase 1," 2 December 2024. Office of Clean Energy Demonstrations NEPA determination covering Phase 1 activities for Century Aluminum; the determination challenged by the residents' suit [31].energy.gov/nepa — CX-033530Primary
47EGA — exclusive land option at the Tulsa Port of Inola, May 2025. EGA states it "signed an exclusive land option agreement for a site in the industrial park at Tulsa Port of Inola"; acreage and terms are not stated. Site selection reported by Waterways Journal.media.ega.ae — EGA release · waterwaysjournal.net · tulsaports.com · board agendas at tulsaports.comPrimary
48PSO January 2026 rate case and June 2026 settlement. ~$600m total request (~$25/month, ~15% residential), $299m base-rate component; settlement with the Attorney General, AARP, The Petroleum Alliance and the OCC Public Utility Division at $73m — ~1% residential, ~$2.45/month — with interim rates pending OCC approval.oklahoma.gov/oag — settlement announcement · krmg.comPrimary
49"Century Enters Phase One of DOE Agreement for a New U.S. Smelter," Light Metal Age, 16 January 2025. Reports Century's entry into Phase 1 of the four-phase DOE cooperative agreement; the $10m Phase 1 figure and the up-to-$500m cost share are from [23].lightmetalage.comReporting
50"Would Inola aluminum plant affect your electricity bill?" Tulsa Flyer, 11 June 2026. PSO on the plant paying for its own infrastructure, all costs and revenues going to a future rate case, rate impacts being "speculative," no smelter investments in the current filing, and the OCC's proposed "system contribution charge" for large loads.tulsaflyer.orgReporting