OCI N.V. and Abu Dhabi National Oil Co. (Adnoc) today announced the completion of their transaction to combine Adnoc’s fertilizer business with OCI’s Middle East and North Africa (MENA) nitrogen fertilizer platform, creating a world-leading joint venture (JV). The combined company, which has been named Fertiglobe (Abu Dhabi), had pro-forma sales in 2018 of more than $1.7 billion. OCI holds 58% in Fertiglobe and Adnoc has the rest. The deal combined OCI’s Egypt Basic Industries Corp., Egyptian Fertilizer Co., and Sorfert, with Adnoc’s Fertil units. The new company will be fully consolidated in OCI’s financial results.
Fertiglobe will be the largest export-focused nitrogen fertilizer platform globally, and the largest producer in the MENA region with a production capacity of 5 million metric tons/year (MMt/y) of urea and 1.5 MMt/y of merchant ammonia. It has a young asset base and a storage and distribution infrastructure with access to key ports on the Mediterranean, the Red Sea, and the Arabian Gulf.
Following the close of the transaction, for which a law was passed to change the legal form of Adnoc Fertilizers to allow its legal transfer to Fertiglobe, the JV will focus on the integration of the two businesses, which is expected to create significant value through the unlocking of commercial and technical synergies, the companies say. Nassef Sawiris, CEO of OCI is also the CEO of the new JV.
By Natasha Alperowicz
Source: Chemical Week
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