{"id":87297,"date":"2024-10-14T00:00:00","date_gmt":"2024-10-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/10\/14\/adnoc-gets-approvals-to-acquire-oci-globals-stake-in-fertiglobe\/"},"modified":"2024-10-14T00:00:00","modified_gmt":"2024-10-14T00:00:00","slug":"adnoc-gets-approvals-to-acquire-oci-globals-stake-in-fertiglobe","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/10\/14\/adnoc-gets-approvals-to-acquire-oci-globals-stake-in-fertiglobe\/","title":{"rendered":"Adnoc gets approvals to acquire OCI Global\u2019s stake in Fertiglobe"},"content":{"rendered":"

Adnoc to finalize Fertiglobe acquisition tomorrow: <\/strong>Abu Dhabi National Oil Company (Adnoc) has secured all necessary approvals to acquire Netherlands-based chemical producer OCI Global\u2019s 50% +1 stake in their joint venture Fertiglobe, it said in an ADX disclosure (pdf)<\/a>. The transaction, which was originally unveiled in December 2023<\/a>, is now set to close on Tuesday, 15 October, after which Fertiglobe\u2019s management plans to host a conference call for investors and analysts to outline future growth strategies.<\/p>\n

Background: <\/strong>The two companies signed a binding agreement for the sale of OCI\u2019s stake in Fertiglobe in December. The transaction will see Adnoc\u2019s stake in Fertiglobe increase to 86.2%, with the remaining in freefloat on the ADX. Fetiglobe shares were priced at an 8% premium at the time at AED 3.20 (c.USD 0.87) per share. The company\u2019s stock closed last week at AED 2.73, up 10.1%.<\/span><\/p>\n

Fertiglobe is positioning itself as a major global ammonia player:<\/strong> Fertiglobe sent the world\u2019s first ISCC PLUS-certified green ammonia shipment<\/a> to India from its electrolyzer facility in Egypt\u2019s Suez Canal Economic Zone in December. The company recently secured a EUR 397 mn offtake agreement<\/a> from the German government\u2019s H2Global program to supply green ammonia to the EU from its Egyptian facilities between 2027 and 2033, and signed<\/a> a shareholder agreement to construct a facility to produce some 1 mn tons of low-carbon ammonia annually in the UAE alongside Adnoc-ADQ JV Ta\u2019ziz, GS Energy, and Mitsui. The company is currently studying another green hydrogen project in the UAE in collaboration with Masdar and Engie.<\/p>\n

It\u2019s likely not the end of the Adnoc \/ OCI partnership:<\/strong> They\u2019re reportedly exploring the<\/a>import and distribution of ammonia<\/a> in the EU and are also looking into joint investments in North America. <\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is set to close tomorrow<\/p>\n","protected":false},"author":1,"featured_media":87298,"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":[80,11,319,79,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc","tag-enterpriseclimate","tag-fertiglobe","tag-ma-watch","tag-uae","wpautop","entry"],"acf":{"mongo_id":"dd2eceeb-6d89-4985-91d3-10c908a9b23b","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/559.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc gets approvals to acquire OCI Global\u2019s stake in Fertiglobe","related_issue":[87292],"teaser":"The transaction is set to close tomorrow","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.562f3637-2943-4395-8cab-d15fb6dba3e7.mp3"},"yoast_head":"\nAdnoc gets approvals to acquire OCI Global\u2019s stake in Fertiglobe - 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