OCI nv and ADNOC close strategic partnership agreement

OCI nv and ADNOC close strategic partnership agreement Fertiglobe largest export-focused nitrogen fertilizer platform OCI N.V. (Euronext: OCI) and Abu Dhabi National Oil Company (ADNOC) announced the completion of their transaction to combine ADNOC’s fertilizer business into OCI’s Middle East and North Africa (MENA) nitrogen fertilizer platform, creating a world-leading joint venture. The combined company, which has been named Fertiglobe and is headquartered in the international financial center Abu Dhabi Global Market, has over $1.7 billion of annual revenues based on 2018 pro forma figures. OCI will fully consolidate the combined business. 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 tons of urea and 1.5 million tons of merchant ammonia. It is underpinned by a young asset base and a robust storage and distribution infrastructure with access to key ...