OCI, Adnoc to merge Middle East and North Africa fertilizer operations

摘要

OCI NV (Amsterdam, Netherlands) and the Abu Dhabi National Oil Co. (Adnoc) today announced plans to merge their respective fertilizer operations in the Middle East and North Africa (MENA) to create a joint venture (JV) in which OCI will hold 58% and Adnoc 42%. Under the terms of the deal, Adnoc Fertilizers will be folded into OCI’s MENA fertilizer platform to form the new JV, which will become the largest export-oriented nitrogen fertilizer platform globally and the largest producer in the MENA region. Its production capacity will be 5 million metric tons/year (MMt/y) of urea and 1.5 MMt/y of sellable ammonia. The combined entity’s 2018 revenue was $1.74 billion, based on pro forma figures. The transaction is expected to close in the third quarter of 2019, subject to legal and regulatory conditions.