Abu Dhabi‘s Adnoc to form USD 1.7bn JV with Dutch chemical group OCI NV
Abu Dhabi National Oil Company (Adnoc) has reached a deal to form USD 1.7bn joint venture with the Netherland-based chemical firm OCI NV, Arabian Business reported. Under the agreement the two firms will merge their fertiliser and nitrogen fertiliser platforms in the MENA region. The new company will be called Fertiglobe and will unite companies EBIC, EFC, Sorfert, and Fertil (formerly Adnoc Fertilisers).
The merged entity will become the world’s largest export-focused nitrogen fertiliser business as well as the region's largest producer with a capacity of five million tonnes of urea and 1.5 million tonnes of merchant ammonia, Arabian Business added. The new company has strong business advantage in young asset base, well-developed storage and distribution infrastructure and access to key ports in the Mediterranean and hopes to outpace US and Russian competitors.
Original source: Arabian Business