Abu Dhabi National Oil Co. (Adnoc) has reached an agreement to acquire OCI Global's stake in Fertiglobe for a total of $3.62 billion. This deal will give the state-owned Emirati oil giant a majority share in what is known as the world's largest seaborne exporter of ammonia and urea fertilizers.
Adnoc announced on Friday that it would be purchasing OCI's 50% plus 1 share stake in Fertiglobe, resulting in Adnoc holding 86.2% of the group's shares once the transaction closes in 2024. However, this is subject to legal and regulatory conditions as well as antitrust approvals.
Khaled Salmeen, Executive Director of the Downstream Industry, Marketing & Trading Directorate at Adnoc, highlighted the significance of this transaction in relation to Adnoc's chemicals-growth strategy. He mentioned that it would aid in establishing a global growth platform for ammonia and clean ammonia.
Fertiglobe, which is listed on the Abu Dhabi Securities Exchange, is currently the largest nitrogen fertilizer producer in the Middle East and North Africa region. It has also been actively involved in sustainable ammonia production, operating facilities in Egypt, Algeria, and the U.A.E.
Last year, Adnoc unveiled an extensive $150 billion investment program aimed at expanding its natural gas, chemicals, and clean energy operations.
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