OCI Global has completed the $2.35bn sale of its US clean ammonia project in Beaumont, Texas, which is expected to produce 1.1 million tonnes per year.
OCI will continue to manage the construction, commissioning and startup of the facility through to project completion and is expected to begin the first production of ammonia in 2025 and low-carbon ammonia in 2026.
The total cash amount of approximately $2.35m includes capital expenses for the first phase, with $1.88m already paid and the remaining $470m to be paid once the project is completed.
The Australian energy company entered into a binding equity purchase agreement with OCI in August (2024). The closing of the transaction was previously reported to be subject to the satisfaction of customary closing conditioning and receipt of OCI shareholder approval.
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