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.

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 low-carbon ammonia as a key energy transition fuel.

The two lower carbon ammonia projects in Abu Dhabi will add 2 mtpa, more than doubling Fertiglobe's current merchant ammonia capacity of 1.6 mtpa and increasing its total sellable capacity to 8.6 mtpa of net ammonia and urea combined.

Dr Sultan Ahmed Al Jaber, Adnoc Managing Director and Group CEO, said: "Adnoc’s majority shareholding in Fertiglobe marks another milestone in the delivery of our ambitious international chemicals growth strategy and goal to become a top five chemicals player. 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. 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."

Fertiglobe will continue to grow its low-carbon fuels business following its success in the recent H2Global bid, where it secured €397 million of renewable ammonia offtake to Europe at a delivered price of €1,000 per tonne until 2033. Robust double-digit IRRs for all future growth projects will be the minimum target for the company.

Ahmed El-Hoshy commented: "The successful completion of the Adnoc transaction is a historic milestone for Fertiglobe, reinforcing the positive long-term outlook for our business and unique market position, while elevating our future ambitions. Positioned as the vehicle of Adnoc’s plans to establish a global growth platform for ammonia, Fertiglobe is poised to meet the increasing global demand for low-carbon solutions and bring us closer to a more sustainable future. We look forward to joining Adnoc’s integrated ecosystem and unlocking the full potential of our product portfolio while maximising shareholder value and maintaining our commitment to balancing disciplined growth with dividend distributions."