The Abu Dhabi National Oil Company, the state-owned oil company of the United Arab Emirates, agreed to acquire an additional stake in Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, from OCI Global, a producer and distributor of natural gas-based fertilizers and industrial chemicals, for $3.62bn. The transaction, which will see ADNOC become majority shareholder in Fertiglobe, supports the Company’s ambitious chemicals strategy and its plans to establish a global growth platform for ammonia, a key lower carbon fuel and hydrogen carrier that is expected to play an important role in the energy transition.