The IPO of Adnoc’s Fertiglobe JV with Egypt’s OCI (OCI 52%, Adnoc 48%) is set to be completed by the end of this month, with shares to be traded on the Abu Dhabi Stock Exchange (ADX). The partners this week announced that 13.8% of the venture will be listed, and that following the IPO OCI will retain a 50% stake, with Adnoc keeping 36.2% of Fertiglobe.
Fertiglobe describes itself as “the world’s largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the MENA region.” It has fertilizer plants in Egypt, Algeria and Abu Dhabi (MEES, 21 May). The JV is keen to capitalize on growing interest in low-carbon ammonia as a clean energy source and has signed up to develop a 1mn t/y blue ammonia plant in Abu Dhabi (MEES, 25 June). Fertiglobe also intends to develop green ammonia facilities. (CONTINUED - 197 WORDS)