OCI Global has completed the closing of its 50% share stake in Fertiglobe to Abu Dhabi National Oil Company (ADNOC) for a reported $3.62bn.
Following the completion of all legal and regulatory conditions, customary closing adjustments and receipt of OCI shareholder approval, the hydrogen producer and distributor reaffirmed its partnership with ADNOC.
“I am confident that the Fertiglobe platform under ADNOC’s stewardship is firmly positioned for future value creation, driven by new decarbonisation opportunities and incremental demand for low-carbon solutions in our global markets,” said Nassef Sawiris, Executive Chairman of OCI.
ADNOC’s shareholding in Fertiglobe has increased to 86.2%, while the free float traded on the Abu Dhabi Securities Exchange (ADX) remains at 13.8%.
Ahmed El-Hoshy, who has returned to the role of CEO at Fertiglobe, claimed the closing represents a “historic point.”
“Today’s closing is a testament to all their efforts [OCI & Fertiglobe employees] and marks a strategic evolution in Fertiglobe’s journey to independence from OCI, and a pivotal step in OCI’s journey to create long-term sustainable value for all its stakeholders,” he said.
Hassan Badrawi, CEO of OCI, added, “We are extremely proud of the platform that we have built since starting out in 2007, and together with our partner ADNOC following the merger of our fertiliser assets in 2019.
“We are confident that Fertiglobe today is robustly positioned to pursue its next phase of growth and wish Ahmed the best of success in his onward journey.”
The announcement comes shortly after OCI completed the $2.35bn sale of its US clean ammonia project in Beaumont, Texas, which is scheduled to produce 1.1 million tonnes per year of the hydrogen carrier.
Read more:OCI finalises $2.35bn ammonia project sale with Woodside
In July (2024), Fertiglobe secured a €397m ($432m) contract to supply its Egyptian-produced green hydrogen-based ammonia to Germany as part of the first H2Global auction.
A month later, H2Global’s Hintco confirmed the deal. Under the agreement, an initial supply of around 19,500 tonnes of green ammonia will be delivered to Europe from Egypt by 2027. This could rise to 397,000 tonnes by 2033.
Read more:Fertiglobe ties up €397m ammonia supply contract with Hintco
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