Ciner Resources LP (CINR), a U.S.-based producer of soda ash (used in glass, detergents, paper and various other applications), has a lot going for it. The partnership is a low cost producer and its end markets have been supportive, resulting in superb profitability metrics and solid distributions to unitholders.
However, as with most MLPs, conflicts of interest are always a risk. In Ciner LP's case, the company is controlled by a Turkish conglomerate which is the largest producer of natural soda ash globally. After ramping up production in Turkey, Ciner Group has started