Adnoc boosts stake in Fertiglobe to 86.2pc

ADNOC has completed its acquisition of OCI Global's 50 per cent + 1 shareholding in Fertiglobe, increasing its share in the company to 86.2 per cent.

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Fertiglobe is one of the largest seaborne exporter of urea and ammonia combined, exporting to 53 countries with a 10 per cent collective market share of global trade in these products.

The acquisition represents another milestone in Adnoc's ambitious chemicals growth strategy, the expansion of its low-carbon fuels business, and supports its goal to become a top five global chemicals player.

Fertiglobe will become the platform for Adnoc's growth in fertiliser and low-carbon ammonia. Adnoc will transfer its stakes in existing and future low-carbon ammonia projects to Fertiglobe at cost and when ready for startup, creating a world-class growth platform for lowcarbon ammonia as a key energy transition fuel.