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ADNOC, Dutch-listed OCI eye IPO for fertiliser joint venture

ADNOC, Dutch-listed OCI eye IPO for fertiliser joint venture
Fertiglobe was established in 2019

UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) and the Netherlands-based OCI, a producer of natural gas-based fertilisers and industrial chemicals, are considering an initial public offerings (IPO) for their fertiliser joint venture Fertiglobe, two sources told Reuters.

Headquartered in Abu Dhabi, Fertiglobe was established in 2019 after OCI, with the Egyptian businessman Nassef Sawiris as its Executive Chairman, and ADNOC merged their ammonia and urea assets.

OCI holds a 58% ownership stake in Fertiglobe, while ADNOC holds a 42% stake.

ADNOC and OCI called for international and local banks to offer potential roles in Fertiglobe's public share-sale, the sources referred.

The sources further remarked that the companies announced bids last week for the IPO, which could raise at least $1 billion.