Abu Dhabi National Oil Company has agreed to purchase OCI Global’s entire stake in Abu Dhabi-listed Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, for $3.62 billion.
The transaction is expected to complete in 2024, Adnoc said in a statement on Friday.
It will make Adnoc the majority shareholder in Fertiglobe, increasing its shareholding to 86.2 per cent, with 13.8 per cent remaining in free float on Abu Dhabi Securities Exchange.
Fertiglobe is the largest nitrogen fertilizer producer in the Middle East and North Africa and an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the Emirates.
Per the agreement, Adnoc will purchase Netherlands-listed OCI Global’s 50 per cent plus one share stake in Fertiglobe at a price of Dh3.20 per share.
“[The] agreement reinforces Adnoc’s long-term commitment to Fertiglobe and our continued focus on delivering growth and maximising value for the company’s shareholders,” said Khaled Salmeen, executive director, downstream, marketing and trading directorate at Adnoc.
“This important transaction supports Adnoc’s ambitious chemicals growth strategy and accelerates our plan to establish a global growth platform for ammonia and clean ammonia.”
Fertiglobe, a joint venture between Adnoc and OCI Global, produces about 6.7 million tonnes of urea and ammonia each year. Last month it completed the first shipment of certified renewable ammonia that was produced at the company’s units in Egypt.
The company is pursuing several sustainability projects, including the Egypt Green Hydrogen project in partnership with Scatec, Orascom Construction, the Egyptian Electricity Transmission Company, and the Sovereign Fund of Egypt.
It is also developing the Ta’ziz one million tonnes per annum low-carbon ammonia project, the low-carbon ammonia pilot in the UAE at Fertil and the green hydrogen project in the UAE.
Adnoc and OCI Global have also signed an initial agreement to explore future growth opportunities for ammonia imports into Europe and product distribution.
“I am confident that Fertiglobe has found its optimal long-term home, and that with Adnoc’s continued support and guidance, significant value creation and exciting growth opportunities lie ahead,” said Nassef Sawiris, vice chairman of Fertiglobe and executive chairman of OCI Global.
“OCI looks forward to continued collaboration with Adnoc which will focus on value accretive growth projects outside the Middle East.”
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
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Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
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Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Ian Rush 346
Roger Hunt 285
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Gordon Hodgson 241
Billy Liddell 228
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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October 1 - Phil Nichol (stand-up comedy)
October 29 - Mandy Knight (stand-up comedy)
November 5 - Sinatra Raw (Fringe theatre)
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November 22 - In Loyal Company (Fringe theatre)
November 29 - Peter Searles (comedy / theatre)
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
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2018 Australia
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5.10pm: Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m; Winner: Canvassed, Pat Dobbs, Doug Watson
5.45pm: Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m; Winner: Midnight Sands, Pat Dobbs, Doug Watson
6.20pm: Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m; Winner: Lord Glitters, Daniel Tudhope, David O’Meara
6.55pm: Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
7.30pm: Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m; Winner: Final Song, Frankie Dettori, Saeed bin Suroor
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
