{"id":85865,"date":"2024-08-06T00:00:00","date_gmt":"2024-08-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/08\/06\/oci-global-offloads-texas-blue-ammonia-project-for-usd-2-35-bn\/"},"modified":"2024-08-06T00:00:00","modified_gmt":"2024-08-06T00:00:00","slug":"oci-global-offloads-texas-blue-ammonia-project-for-usd-2-35-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/08\/06\/oci-global-offloads-texas-blue-ammonia-project-for-usd-2-35-bn\/","title":{"rendered":"OCI Global offloads Texas blue ammonia project for USD 2.35 bn"},"content":{"rendered":"

Woodside to acquire OCI\u2019s blue ammonia project in Texas: <\/strong>Sawiris-backed, Netherlands-headquartered chemicals company OCI Global has sold its entire stake in a low-carbon ammonia project in Texas for USD 2.35 bn to Australia\u2019s largest oil and gas developer Woodside Energy<\/a>, according to a statement (pdf)<\/a>. The agreement is expected to close during 2H 2024, subject to receipt of OCI shareholder approval.<\/p>\n

About the plant: <\/strong>OCI\u2019s Texas facility is one of the biggest blue ammonia projects under construction in the world with an expected capacity of 1.1 mn tons per annum. The factory is set to begin production next year. Under the agreement, OCI will continue to manage the construction, commissioning and launch of the plant and handover a fully staffed and operational project to Woodside, the statement notes.<\/span><\/p>\n

Blue ammonia investment is a<\/strong> growing trend amongst big oil:<\/strong> Woodside \u2014 aiming to become a \u201cglobal LNG powerhouse\u201d \u2014 is following the global trend of big oil companies aiming to offset their emissions by investing in blue ammonia facilities, the Financial Times<\/a> reports.<\/p>\n

There\u2019s movement regionally:<\/strong> Shell\u2019s Blue Horizons low-carbon hydrogen and ammonia project<\/a> in Oman entered its pre front-end engineering design (FEED) phase last month and Aramco\u2019s first phase of its Accelerated Carbon Capture and Sequestration project<\/a> also entered FEED scope the month prior in Saudi Arabia, which it plans to use for blue hydrogen production. <\/p>\n

SOUND SMART- <\/strong>What is blue ammonia? <\/strong>Blue ammonia is produced using a low-carbon process involving the capture of carbon dioxide to produce hydrogen which is then combined with nitrogen, according to The National<\/a>. Because the process is coupled with carbon capture, the blue ammonia production process can reportedly cut emissions by over 90%, according to global engineering firm Wood<\/a>. <\/p>\n

Sawiris has big restructuring plans for OCI: <\/strong>Egyptian b\u2019naire Nassef Sawiris \u2014 who owns a 38.8% stake in the firm<\/a> \u2014 said he was considering overhauling OCI<\/a>GlobaI<\/a> in February, with one of the options being turning the empire into a cash-shell company pursuing acquisitions in new industries. The company sold its 50% +1 stake in Fertiglobe<\/a> \u2014 their JV with Abu Dhabi National Oil Company \u2014 to Adnoc for AED 13.28 bn (USD 3.62 bn) last December, with the acquisition expected to close later this year. OCI also sold 100% of its USD 3.6 bn stake<\/a> in the US crop nutrient unit Iowa Fertilizers to US\u2019 Koch Ag & Energy Solutions in the same month.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is expected to close during 2H 2024<\/p>\n","protected":false},"author":1,"featured_media":85866,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[444,11,79,480],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-blue-ammonia","tag-enterpriseclimate","tag-ma-watch","tag-oci-global","wpautop","entry"],"acf":{"mongo_id":"bda67733-685b-403a-8405-47b40e80a521","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/451.jpg","photo_position":"above","homepage_title":"","full_issue_title":"OCI Global offloads Texas blue ammonia project for USD 2.35 bn","related_issue":[85860],"teaser":"The transaction is expected to close during 2H 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.5a8392af-2aab-478a-abbd-f0e0c34a8d9e.mp3"},"yoast_head":"\nOCI Global offloads Texas blue ammonia project for USD 2.35 bn - 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