OCI Global Sells Landmark Clean Ammonia Project

OCI N.V. (GB:0QGH) has released an update.

OCI Global has entered into a binding agreement to sell its pioneering 1.1 million metric tonnes Clean Ammonia project in Beaumont, Texas to Woodside Energy for USD 2.35 billion, on a cash-free, debt-free basis. The transaction is set to close in the second half of 2024, pending OCI shareholder approval and customary closing conditions. This groundbreaking facility, currently under construction, is expected to produce first ammonia in 2025 and is designed to capture 1.7 million metric tonnes of CO2 annually, contributing to the reduction of carbon emissions in various sectors.

For further insights into GB:0QGH stock, check out TipRanks’ Stock Analysis page.