OCI global is confident its Texas blue ammonia project is on track to start production in early 2025, after it posted an adjusted net loss of $95m in Q3.
Ahmed El-Hoshy, CEO of OCI Global, said methanol markets have remained “challenged by microeconomic drivers” although the nitrogen outlook in the medium to longer term remains favourable.
He said, “Nitrogen prices have maintained their positive momentum into the fourth quarter, with recent significant price increases for ammonia, following the earlier recovery for urea. Nitrogen prices have now increased by 36% on average since the troughs in the second and third quarters, and we expect the benefits from these increases to materialize in the fourth quarter.”
OCI is on target to increase its green and low carbon ammonia and methanol portfolio from around 200,000Mt combined today, to around 1.7 million Mt combined by 2025, and forecasts incremental demand growth of more than seven million tonnes by 2028.
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