- OCI World (“OCI”) proclaims a hit of entirety of the sale of 100% of its fairness pursuits in its 1.1 million metric tonnes Blank Ammonia venture below development in Beaumont, Texas (“OCI Clean Ammonia” or the “Project”), to Woodside Power Crew Ltd (“Woodside”)
- The transaction was once valued at USD 2.35 billion on a cash-free debt-free foundation (“Purchase Price”) and adopted a aggressive procedure
- The ultimate marks an important milestone in OCI’s approach to unencumber price for shareholders
AMSTERDAM, Sept. 30, 2024 /PRNewswire/ — OCI World (Euronext: OCI), a prominent international manufacturer and distributor of hydrogen merchandise is happy to announce the a hit ultimate of the divestment of its Blank Ammonia venture in Beaumont, Texas to Woodside Power Crew Ltd, signed on 5 August 2024, following the delight of normal ultimate situations and receipt of OCI shareholder kindness.
OCI will proceed to govern the development, commissioning, and startup of the ability thru provisional acceptance[1] (“Project Completion”) and is focused on manufacturing of first ammonia from 2025 and decrease carbon ammonia from 2026. The all-cash attention of roughly USD 2,350 million is inclusive of capital expenditure thru of entirety of the primary segment, with USD 1,880 million paid and the residue USD 470 million to be paid at Venture Final touch. For more info at the transaction, reference is made to the clicking let fall revealed on 5 August 2024.
The Blank Ammonia ultimate marks an important milestone in OCI’s strategic price foundation move. The anticipated cumulative crystallization of roughly USD 11.6 billion rude coins proceeds from the not too long ago introduced gross sales of Fertiglobe, IFCO, OCI Blank Ammonia and OCI Methanol gives OCI vital flexibility to bring on OCI’s capital allocation priorities, together with deleveraging at a rude stage in addition to returning a significant quantum of capital to shareholders.
Commenting on lately’s announcement, Nassef Sawiris, Govt Chairman of OCI mentioned: “The successful closing of the Clean Ammonia transaction further reinforces OCI’s serial commitment to creating value for its shareholders and exemplifies its pioneering spirit. Looking ahead, we will continue to explore value accretive investment opportunities where we can successfully deploy our extensive knowledge, deep operational expertise, and entrepreneurial heritage.”
[1] Manufacturing of decrease carbon ammonia is conditional on provide of carbon abated hydrogen and ExxonMobil’s CCS facility changing into operational.
Advisors
Morgan Stanley & Co. Global plc is serving as monetary consultant to OCI at the Transaction. A&O Shearman and Vinson & Elkins are performing as OCI’s criminal advisors.
About OCI World
We’re an international chief in nitrogen, methanol, and hydrogen, using ahead the decarbonization of the energy-intensive industries that climate, feed and gas the sector. OCI’s manufacturing capability spans 4 continents and incorporates roughly 13.5 million metric lots consistent with date of hydrogen-based merchandise together with nitrogen fertilizers, methanol, biofuels, diesel exhaust fluid and melamine. OCI is headquartered in the Netherlands and indexed on Euronext in Amsterdam.
Be informed extra about OCI at www.oci-global.com. You’ll be able to additionally observe OCI on LinkedIn.
Touch Main points
Sarah Rajani CFA, World Vice President Investor Family members and Communications
E mail: [email protected]
SOURCE OCI World
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