ADNOC and OCI to form Joint Venture, creating new Global Nitrogen Fertilizer Leader.

The Abu Dhabi National Oil Company formed a new strategic partnership with OCI, a global producer and distributor of natural gas-based fertilizers and industrial chemicals. Financial terms were not disclosed. The JV will become the largest export-focused nitrogen fertilizer platform globally and the largest producer in the MENA region with a production capacity of 5m tons of urea and 1.5m tons of sellable ammonia. Annual revenues for the combined entity are $1.74bn, based on 2018 pro forma figures. ADNOC and OCI will own a 42% and 58% stake in the JV respectively. "This partnership creates a first-of-its-kind export platform with best-in-class cash conversion metrics. I believe that this platform has significant potential for future growth and value creation, with the support and under the guidance of its two key shareholders” Nassef Sawiris, OCI CEO.