{"id":81288,"date":"2023-12-18T00:00:00","date_gmt":"2023-12-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/12\/18\/adnoc-becomes-a-majority-shareholder-in-fertiglobe\/"},"modified":"2023-12-18T00:00:00","modified_gmt":"2023-12-18T00:00:00","slug":"adnoc-becomes-a-majority-shareholder-in-fertiglobe","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/12\/18\/adnoc-becomes-a-majority-shareholder-in-fertiglobe\/","title":{"rendered":"Adnoc becomes a majority shareholder in Fertiglobe"},"content":{"rendered":"

Adnoc snaps up OCI\u2019s stakes in <\/strong>Fertiglobe<\/strong>:<\/strong>The Abu Dhabi National Oil Company (Adnoc) has signed a binding agreement with Sawiris-backed, Netherlands-headquartered chemicals company OCI Global to acquire the latter\u2019s 50% +1 stake in their joint venture Fertiglobe for AED 13.28 bn (c.USD 3.62 bn), according to a statement<\/a> released on Friday. <\/p>\n

More details: <\/strong>The acquisition \u2014 expected to close in 2024 \u2014 would bring up Adnoc\u2019s shares in Fertiglobe to 86.2%, with the remaining in freefloat on the Abu Dhabi Securities Exchange. The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 (c.USD 0.87) per share, according to a separate OCI statement<\/a>.<\/p>\n

Fuelling Fertiglobe\u2019s ammonia expansion:<\/strong>Adonc\u2019s acquisition of OCI\u2019s stakes is part of a company drive to expand its global ammonia production network, in efforts to grow a platform for the low-carbon fuel which also serves a (green) hydrogen carrier, the statement notes.<\/p>\n

This isn\u2019t the end of the road for Adnoc and OCI: <\/strong>In parallel to the acquisition agreement, both sides inked an MoU to explore importing and distributing ammonia in the EU, Adnoc\u2019s statement notes. The agreement will also see the two explore joint investments in decarbonization and product distribution projects in North America and Europe, according to OCI\u2019s statement. OCI is reportedly considering offering its US crop nutrient unit Iowa Fertilizers to Adnoc for more than USD 3 bn, Bloomberg<\/a> reported on Thursday, citing sources familiar with the negotiations.<\/p>\n

We might have new investors coming in:<\/strong> Nassef Sawiris\u2019 private investment office NNS will also be investing in Fertiglobe, \u201cdemonstrating NNS\u2019s deep conviction \u2026 in the material value creation that lies ahead for Fertiglobe under ADNOC\u2019s stewardship,\u201d Nassef Sawiris said, according to the OCI statement. <\/p>\n

Fertiglobe is positioning itself as a major ammonia player:<\/strong> Last month, Fertiglobe sent the world\u2019s first<\/a> ISCC PLUS-certified (International Sustainability and Carbon Certification) green ammonia shipment to India from its electrolyzer facility in Egypt\u2019s Suez Canal Economic Zone. Fertiglobe is currently in the process<\/a> of finalizing engineering and technology choices for the full-scale 100 MW Egypt plant and aims to reach a final investment decision on the facility in the coming months. Fertiglobe, alongside Adnoc-ADQ JV Ta\u2019ziz, GS Energy, and Mitsui, has also signed a shareholder agreement<\/a> to construct a facility to produce some 1 mn tons of low-carbon ammonia annually in the UAE. The company is also studying another green hydrogen project in the UAE in collaboration with Masdar and Engie. <\/p>\n","protected":false},"excerpt":{"rendered":"

Adnoc bought a 50% +1 stake in the Adnoc-OCI JV for USD 3.62 bn<\/p>\n","protected":false},"author":1,"featured_media":81289,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[11,319,241,39,79,800,338,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseclimate","tag-fertiglobe","tag-green-ammonia","tag-green-hydrogen","tag-ma-watch","tag-netherlands","tag-oci","tag-uae","wpautop","entry"],"acf":{"mongo_id":"c1b11e94-533d-4af4-984c-ed48fd056c83","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1046.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc becomes a majority shareholder in Fertiglobe","related_issue":[81283],"teaser":"Adnoc bought a 50% +1 stake in the Adnoc-OCI JV for USD 3.62 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.77ee5db0-6a7c-4505-aabf-f5e80f825485.mp3"},"yoast_head":"\nAdnoc becomes a majority shareholder in Fertiglobe - 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