That’s a wrap on Adnoc’s Fertiglobe acquisition: Nassef Sawiris-owned chemical producer OCI has sold its entire 50% stake in ammonia and urea producer Fertiglobe to the Abu Dhabi National Oil Company (Adnoc) in a USD 3.62 bn transaction, according to statements from the buyer (pdf) and the seller. The transaction pushes Adnoc’s stake in Fertiglobe to 86.2%, with the remaining 13.8% free floating on the ADX.

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Remember: The two companies inked a binding agreement for the sale in December. Adnoc secured the necessary approvals to move forward with the transaction earlier this week.

What this means for Fertiglobe: Adnoc is set to integrate its domestic and global low-carbon ammonia projects into Fertiglobe to more than double the firm’s ammonia project capacity. Fertiglobe will retain its management team, including CEO Ahmed El Hoshy, who will depart his role as OCI CEO.

Fertiglobe has a big presence in Egypt: Fertiglobe shipped the world’s first ISCCPLUS-certified green ammonia to India from its green hydrogen electrolyzer in Egypt last year. The company also recently secured a EUR 397 mn offtake agreement that will see it supply Germany’s H2Global with up to 19.5k tons of green ammonia annually beginning in 2027 — the Egypt Green Hydrogen project will supply the green hydrogen needed for the project.

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