ADNOC has announced that it has terminated OCI Global's 50%+1 ownership in Fertiglobe plc.
Publish dateWednesday 16 October 2024 - 12:37
According to Amac News: ADNOC's announcement states that the company increased its stake in the company to 86.2% and 13.8% remains in the Abu Dhabi Stock Exchange (ADX).
According to the announcement, Fertiglobe is the world's largest marine exporter of urea and ammonia, exporting to 53 countries and having a collective market share of around 10% of the global trade of these products.
To provide added value and orderly growth for Fertiglobe, ADNOC will transfer its stake in existing and future low-carbon ammonia projects to Fertiglobe at cost and when ready to launch, creating a world-class growth platform for low-carbon ammonia as It creates a key energy.
Fertiglobe follows its success in the recent H2Global bid in which it secured €397 million of renewable ammonia to Europe at a delivery price of €1,000 per ton until 2033.
Market tailwinds from increasing low-carbon ammonia applications are expected to drive demand growth by more than 11 million tons by 2032.
ADNOC aims to capture 5% of the global low-carbon hydrogen market by 2030 by supporting the UAE National Hydrogen Strategy.
According to the announcement, Fertiglobe is the world's largest marine exporter of urea and ammonia, exporting to 53 countries and having a collective market share of around 10% of the global trade of these products.
To provide added value and orderly growth for Fertiglobe, ADNOC will transfer its stake in existing and future low-carbon ammonia projects to Fertiglobe at cost and when ready to launch, creating a world-class growth platform for low-carbon ammonia as It creates a key energy.
Fertiglobe follows its success in the recent H2Global bid in which it secured €397 million of renewable ammonia to Europe at a delivery price of €1,000 per ton until 2033.
Market tailwinds from increasing low-carbon ammonia applications are expected to drive demand growth by more than 11 million tons by 2032.
ADNOC aims to capture 5% of the global low-carbon hydrogen market by 2030 by supporting the UAE National Hydrogen Strategy.
amacnews.com/vdci.zazct1avwli2t.html
Source : news agency wam
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