OCI NV(Amsterdam, Netherlands)has agreed to sell a 15 equity stake in its methanol business for $375 million to UAE investors ADQ and Alpha Dhabi Holding(ADH). The transaction is part of a new strategic alliance between the three companies that will focus primarily on the production of clean methanol using hydrogen as the primary feedstock, OCI says. As part of the alliance agreement, OCI’s methanol group will be incorporated and based in the Abu Dhabi Global Market(ADGM)financial hub, a designated financial free zone in the UAE. The 15 stake in OCI’s methanol business will be placed for the total consideration of $375 million. The transaction is expected to be finalized before the end of this year, subject to definitive legal documents.
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