Commodities

ADNOC and OCI N.V. to form joint venture combining fertilizer businesses

Abu Dhabi National Oil Co (ADNOC) and OCI N.V. will form a joint venture combining ADNOC's fertilizer business with OCI's MENA nitrogen fertilizer platform, the companies said in a statement on Monday.

DUBAI, June 17 (Reuters) - Abu Dhabi National Oil Co (ADNOC) and OCI N.V. OCI.AS will form a joint venture combining ADNOC's fertilizer business with OCI's MENA nitrogen fertilizer platform, the companies said in a statement on Monday.

OCI will own a 58% stake in the joint venture, while ADNOC will own a 42% stake, they said.

The joint venture will be the largest producer of nitrogen fertilizer in the Middle East and North Africa (MENA) region, and the largest exporter of nitrogen fertilizer globally, they said. The JV will have a production capacity of 5 million tonnes of urea and 1.5 million tonnes of sellable ammonia.

(Reporting by Nafisa Eltahir Editing by Raissa Kasolowsky)

((Nafisa.Eltahir@thomsonreuters.com; +971 56 22 61754;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More