Abu Dhabi National Oil Company (Adnoc) has finalized the $3.62 billion acquisition of OCI’s 50 per cent + 1 share stake in Fertiglobe, a leading producer of nitrogen fertilisers and clean ammonia solutions. This move follows Adnoc’s previous mega deal to acquire German chemicals maker Covestro for $16.3 billion, marking the energy giant’s largest-ever acquisition.
Covestro, an industrial pioneer and global leader in high-tech specialty chemicals, boasts advanced technologies and products that support decarbonisation and the circular economy. The Fertiglobe deal, which has received all necessary approvals, will increase Adnoc’s shareholding in Fertiglobe to 86.2 per cent, with 13.8 per cent remaining in free float on the Abu Dhabi Securities Exchange (ADX).
Fertiglobe’s management will host an investor and analyst webcast on Tuesday to outline the company’s vision for future growth and value creation. Additionally, Adnoc Logistics and Services recently announced a cash dividend distribution of $136.5 million for the first half of 2024, with plans to distribute a total of Dh1.002 billion for the full year, reflecting a 5.0 per cent increase over the 2023 annualised dividend.
Since the beginning of 2024, Adnoc L&S has commissioned multiple LNG, ammonia, and ethane carriers, and is in the process of acquiring Navig8. These milestones have expanded Adnoc L&S’s global footprint, capabilities, and market-leading energy-efficient fleet.
Meanwhile, Adnoc Onshore has partnered with ENPPI to source steel pipes from local manufacturers for onshore projects, enhancing the UAE’s industrial sector and creating 50 engineering jobs for UAE nationals. Through its In-Country Value (ICV) programme, Adnoc is prioritising local sourcing and manufacturing, aiming to redirect Dh178 billion back into the UAE’s economy by 2028.
Omar Al Nasri, Adnoc Onshore CEO, highlighted the importance of these collaborations in boosting the UAE’s industrial and economic growth. Since its inception, Adnoc’s ICV programme has created 11,500 jobs for Emiratis in the private sector and has already redirected Dh187 billion into the UAE’s economy.
