{"id":215985,"date":"2019-06-17T12:46:54","date_gmt":"2019-06-17T15:46:54","guid":{"rendered":"https:\/\/anba.com.br\/?p=215985"},"modified":"2019-06-30T12:35:21","modified_gmt":"2019-06-30T15:35:21","slug":"adnoc-dutch-firm-create-global-nitrogen-fertilizer-leader","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/adnoc-dutch-firm-create-global-nitrogen-fertilizer-leader\/","title":{"rendered":"ADNOC, Dutch firm create global nitrogen fertilizer leader"},"content":{"rendered":"

S\u00e3o Paulo \u2013 The Abu Dhabi National Oil Company<\/a> (ADNOC) announced this Monday (17) the creation of a joint venture with the Dutch company OCI N.V<\/a>, expecting it to become a global nitrogen fertilizer leader. The information were made public by ADNOC and replicated in local news websites. (Pictured above, the companies\u2019s leaders signing the deal.)<\/em><\/p>\n

OCI is a global producer and distributor of natural gas-based fertilizers and industrial chemicals. ADNOC is an oil and gas company but has a fertilizers business called ADNOC Fertilizers. ADNOC and OCI will own a 42% and 58% stake in the joint venture respectively.<\/p>\n

According to ADNOC, the joint venture will be export-focused and the largest producer in the Middle East and North Africa (MENA) with a production capacity of 5 million tons of urea and 1.5 million tons of ammonia per year. Annual revenues for the combined entity are USD 1.74 billion, based on 2018 figures.<\/p>\n

The release reports that this combination will bring greater geographic diversity to the MENA production channels, enabling greater market access to strengthen market share and better serve its customers around the world. It will have a centralized commercial team, supported by a robust storage and distribution infrastructure with access to key ports on the Mediterranean, Red Sea, and Arabian Gulf.<\/p>\n

The joint venture will be based in Abu Dhabi and its board will consist of six members nominated by OCI and four nominated by ADNOC. Ahmed Al Jaber, UAE minister of State and CEO of the ADNOC Group, will be chairman. Nassef Sawiris will assume the role of CEO of the joint venture.<\/p>\n

\u201cPooling our assets and capabilities is a value enhancing step for both companies, allowing us to leapfrog competitors to become the top nitrogen export platform globally,\u201d Jaber wrote in the release. \u201cThis partnership creates a first-of-its-kind export platform with best-in-class cash conversion metrics, said Sawiris, according to the release in the ADNOC website.<\/p>\n

ADNOC has a track record of more than 35 years in fertilizer production, operating two plants. It markets and sells to local and international markets including India, the United States, Latin America, and Australia. ADNOC is the sole shareholder in ADNOC Fertilizers OCI\u2019s MENA assets include Egyptian Fertilizer Company<\/a> (EFC), Egypt Basic Industries Corporation<\/a> (EBIC), and Sorfert<\/a>\u00a0in Algeria.<\/p>\n

The companies announced the transaction is expected to close in the third quarter of 2019, subject to legal and regulatory conditions. The bank Citi acted as financial advisor and Shearman & Sterling as legal counsel to ADNOC on the transaction. J.P. Morgan Securities PLC acted as financial advisor and Cleary Gottlieb Steen & Hamilton LLP as legal counsel to OCI on the transaction.<\/p>\n

Translated by Guilherme Miranda<\/strong><\/p>\n

Press Release<\/div>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi National Oil Company announced this Monday (17) the formation of a joint venture with Netherlands-based OCI N. V., expecting it to be global nitrogen fertilizer leader.<\/p>\n","protected":false},"author":2316,"featured_media":215981,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[9138,1952,9132,37648,9134,9133,3254,9139,9135,9137,9140],"class_list":{"0":"post-215985","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-abu-dhabi-national-oil-company","9":"tag-adnoc","10":"tag-amonia","11":"tag-amonia-en","12":"tag-ebic","13":"tag-efc","14":"tag-fertilizers","15":"tag-nitrogen-fertilizers","16":"tag-oci-n-v","17":"tag-sorfert","18":"tag-urea"},"wps_subtitle":"Abu Dhabi National Oil Company announced this Monday (17) the formation of a joint venture with Netherlands-based OCI N. V., expecting it to be global nitrogen fertilizer leader.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/215985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=215985"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/215985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/215981"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=215985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=215985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=215985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}