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