Abu Dhabi National Oil Company has agreed to purchase OCI Global’s entire stake in Abu Dhabi-listed Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, for $3.62 billion.
The transaction is expected to complete in 2024, Adnoc said in a statement on Friday.
It will make Adnoc the majority shareholder in Fertiglobe, increasing its shareholding to 86.2 per cent, with 13.8 per cent remaining in free float on Abu Dhabi Securities Exchange.
Fertiglobe is the largest nitrogen fertilizer producer in the Middle East and North Africa and an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the Emirates.
Per the agreement, Adnoc will purchase Netherlands-listed OCI Global’s 50 per cent plus one share stake in Fertiglobe at a price of Dh3.20 per share.
“[The] agreement reinforces Adnoc’s long-term commitment to Fertiglobe and our continued focus on delivering growth and maximising value for the company’s shareholders,” said Khaled Salmeen, executive director, downstream, marketing and trading directorate at Adnoc.
“This important transaction supports Adnoc’s ambitious chemicals growth strategy and accelerates our plan to establish a global growth platform for ammonia and clean ammonia.”
Fertiglobe, a joint venture between Adnoc and OCI Global, produces about 6.7 million tonnes of urea and ammonia each year. Last month it completed the first shipment of certified renewable ammonia that was produced at the company’s units in Egypt.
The company is pursuing several sustainability projects, including the Egypt Green Hydrogen project in partnership with Scatec, Orascom Construction, the Egyptian Electricity Transmission Company, and the Sovereign Fund of Egypt.
It is also developing the Ta’ziz one million tonnes per annum low-carbon ammonia project, the low-carbon ammonia pilot in the UAE at Fertil and the green hydrogen project in the UAE.
Adnoc and OCI Global have also signed an initial agreement to explore future growth opportunities for ammonia imports into Europe and product distribution.
“I am confident that Fertiglobe has found its optimal long-term home, and that with Adnoc’s continued support and guidance, significant value creation and exciting growth opportunities lie ahead,” said Nassef Sawiris, vice chairman of Fertiglobe and executive chairman of OCI Global.
“OCI looks forward to continued collaboration with Adnoc which will focus on value accretive growth projects outside the Middle East.”
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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