Arab FinanceAbu Dhabi National Oil Company (ADNOC) has completed its acquisition of the Dutch company OCI Global’s 50% stake in businessman Nassef Sawiris in their joint company Vertiglobe, which produces urea and ammonia, in a deal worth $3.62 billion.
The deal raises the stake owned by ADNOC in Vertiglobe to 86.2%, with the remaining free trading shares on the Abu Dhabi Securities Market remaining at 13.8%.
ADNOC will transfer its stakes in current and future low-carbon ammonia projects to Vertiglobe at cost when they are ready for commissioning, contributing to the creation of a global growth platform for low-carbon ammonia, and more than doubling Vertiglobe's total ammonia and urea production capacity, according to the statement. Vertiglobe will retain its management team, including CEO Ahmed Al-Hoshi, who will leave his position as CEO of OCI.
Last year, Fertiglobe delivered the world's first shipment of certified green ammonia, in accordance with the “International Carbon and Sustainability Certification” standard, which was produced at the company's facilities in Egypt via hydrogen manufactured by the experimental electrolyzer in its subsidiary project, before being exported to the Indian market.
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