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Abu Dhabi 30 -9-2019 / WAM
Abu Dhabi National Oil Company (ADNOC) and Euronext (OCI) have announced the completion of a strategic partnership agreement whereby the assets of ADNOC Fertilizers will be integrated into the OCI Nitrogen Fertilizer platform. In the Middle East and North Africa to create a world leader.
The annual revenue of the new company, Vertiglob, headquartered in Abu Dhabi Global Market, is estimated at US $ 1.7 billion, according to preliminary reports for 2018, and OCI will fully integrate the operations of the new company.
Fertiglob will become the world’s largest nitrogen fertilizer export platform and its largest producer in the MENA region with a capacity of 5 million tonnes of urea and 1.5 million tonnes of salable ammonia.
The new company has advanced and modern assets supported by a storage and distribution infrastructure that allows access to the main ports on the Mediterranean, Red Sea, and the Arabian Gulf .. The integrated production and distribution sites contribute to enhance the geographical diversity of the company and access to new markets, for the benefit of new customers And current.
Upon completion of the partnership agreement, Fertiglob will focus on integrating the two companies by leveraging business and technical integration.
His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies Chairman of the Board of Directors of Fertiglob said: We are delighted to complete this important transaction in a timely and efficient manner, reflecting Fertiglob’s business methodology, and is an example of what we are aiming to achieve by integrating ADNOC Fertilizer assets into the OCI Nitrogen Fertilizer platform in the region. To implement a strategy ADNOC Integrated 2030 for Smart Growth, as well as our ambitious plans to expand in refining and petrochemicals. ‘
“Through collaboration with OCI, we have succeeded in laying the foundations necessary to ensure the integration and integration of production assets with the distribution network and to take advantage of the strategic locations of these assets. Nitrogen fertilizers, allowing access to new markets, brings great benefits to all customers. ”
“We are delighted to complete this strategic partnership within a short timeframe, as it brings together two partners who share the same investment objectives,” said Nasif Sawiris, CEO of OCINV and CEO of Fertiglob.
“This strategic partnership underscores our commitment to creating value in the fertilizer sector while contributing to the development of a more efficient market for our customers. The new platform has a strong financial position and potential for future growth and value creation with the support and guidance of its key shareholders.”
Under the strategic partnership, the assets of the Egyptian Company for Basic Industries, the Egyptian Fertilizer Company, Surfert and the former Fertil / ADNOC Fertilizers will be merged under the umbrella of Fertiglob, owned by ADNOC and O CI. “
