ADNOC has completed the acquisition of OCI Global’s 50% plus one share in Fertiglobe plc, increasing its ownership to 86.2%, with 13.8% remaining in free float on the Abu Dhabi Securities Exchange (ADX). Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, now forms a key part of ADNOC’s strategy to expand its low-carbon fuels business.
This acquisition supports ADNOC’s goal of becoming a top five global chemicals player. Fertiglobe will serve as the platform for ADNOC’s growth in low-carbon ammonia and fertiliser, with plans to transfer existing and future low-carbon ammonia projects to Fertiglobe at cost. These include two low-carbon ammonia projects in Abu Dhabi, which are set to double Fertiglobe’s merchant ammonia capacity and boost its total capacity to 8.6 million tonnes per year of ammonia and urea combined.
“Fertiglobe is a world-class company, and it will be the vehicle through which ADNOC advances its low-carbon ammonia business, supporting our efforts to enable a just, orderly, and equitable global energy transition,” said Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC). “We see significant growth opportunities for Fertiglobe and I am confident that under the continued and dedicated leadership of Ahmed El-Hoshy, the company will deliver greater value for its shareholders.”
Ahmed El-Hoshy, CEO of Fertiglobe, called the acquisition a “historic milestone” that strengthens the company’s market position and future growth prospects. He added that the company is poised to meet rising global demand for low-carbon solutions.
Fertiglobe will continue to expand its low-carbon fuels business, capitalising on the success of its recent €397 million renewable ammonia contract secured under the H2Global programme. With limited capital expenditure requirements, the project promises strong returns. Fertiglobe is targeting double-digit internal rates of return (IRRs) for future growth projects as demand for low-carbon ammonia is projected to increase significantly by 2032.
The company will share its detailed growth strategy during its Capital Markets Day in Q1 2025.
