{"id":86624,"date":"2024-09-10T00:00:00","date_gmt":"2024-09-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/09\/10\/methanex-acquires-oci-globals-methanol-business-for-usd-2-05-bn\/"},"modified":"2024-09-10T00:00:00","modified_gmt":"2024-09-10T00:00:00","slug":"methanex-acquires-oci-globals-methanol-business-for-usd-2-05-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/09\/10\/methanex-acquires-oci-globals-methanol-business-for-usd-2-05-bn\/","title":{"rendered":"Methanex acquires OCI Global\u2019s methanol business for USD 2.05 bn"},"content":{"rendered":"

OCI sells methanol business to Methanex for USD 2.05 bn: <\/strong>Sawiris-backed, Netherlands-headquartered chemicals company OCI Global<\/a> has sold its entire methanol business \u2014 operating in the US and Europe \u2014 to Canadian methanol producer Methanex<\/a> in a USD 2.05 bn agreement, according to a press release (pdf)<\/a>. The transaction is set to be completed in 1H 2025, pending regulatory and shareholder approvals. <\/p>\n

What we know: <\/strong>Methanex will make the purchase by paying USD 1.15 bn in cash, in addition to the issuance of 9.9 mn of its shares valued at USD 450 mn, giving OCI a 13% ownership of the company to make it the second largest shareholder. The share purchase aims to help the firms improve their joint operations, as well as consider potential further investments in the methanol industry cycle.<\/span><\/p>\n

That\u2019s not all:<\/strong> The sale also includes OCI Methanol\u2019s 50% stake in Natgasoline \u2014 a JV with Proman \u2014 which is subject to the settling of an ongoing lawsuit. The Natgasoline facility \u2014 which has been in operation is located in Beaumont, Texas, has been commercialized since 2018 and has an annual capacity of 1.7 mn tonnes of methanol, of which Methanex\u2019s share will be 850k tonnes.<\/p>\n

The green connection:<\/strong> OCI Methanol is a major distributor of and producer of green methanol through OCI Hyfuels<\/a>, with potential for renewable natural gas trading as well. OCI has been restructuring and selling its assets to cut down on debt, returning capital to shareholders, and dedicating raised funds to greener chemicals such as low-carbon ammonia, Reuters<\/a> writes. OCI\u2019s divestitures as of late have generated around USD 11.6 bn of expected tax-free gross proceeds, CFO Hassan Badrawi said. <\/p>\n

Methanex is no stranger to the region: <\/strong>Methanex Egypt was the first to operate<\/a> a methanol production facility in Egypt in 2011, with a current capacity of 1.3 mn tons per year. Egyptian Oil Minister Karim Badawi met with Methanex officials<\/a> earlier this week to discuss opportunities to locally produce green methanol. Methanex Egypt is 50% owned by Methanex Corp, while Egyptian state institutions hold 33% and Saudi-based Apicorp owns the remaining 17%.<\/p>\n

REMEMBER- Sawiris has big restructuring plans for OCI:<\/strong> Egyptian b\u2019naire Nassef Sawiris \u2014 who owns a 38.8% stake<\/a> in the firm \u2014 said he was considering overhauling OCI 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 blue ammonia project in Texas<\/a> to Woodside for USD 2.35 bn in August and 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 set to be completed in 1H 2025<\/p>\n","protected":false},"author":1,"featured_media":86625,"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":[40,11,274,79,480],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-egypt","tag-enterpriseclimate","tag-green-methanol","tag-ma-watch","tag-oci-global","wpautop","entry"],"acf":{"mongo_id":"3927b56c-8446-4a9d-991e-8778a6170c10","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":"Methanex acquires OCI Global\u2019s methanol business for USD 2.05 bn","related_issue":[86619],"teaser":"The transaction is set to be completed in 1H 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.2bbfba86-cc81-4650-9933-75ffb52b1261.mp3"},"yoast_head":"\nMethanex acquires OCI Global\u2019s methanol business for USD 2.05 bn - 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