OCI Global, a major producer and distributor of nitrogen and methanol products led by Egyptian billionaire Nassef Sawiris, is set to sell its OCI Clean Ammonia project in Beaumont, Texas, to Australian energy giant Woodside Energy Group for $2.35 billion.
The sale is part of OCI Global's strategy to streamline its asset portfolio. The agreement follows a competitive bidding process and includes Woodside acquiring full equity in the 1.1 million metric tonne-per-year clean ammonia project, currently under construction.
Expected to close in the second half of 2024, the $2.35-billion deal is structured as cash-free and debt-free, with Woodside paying 80 percent of the price upfront. The remaining balance will be paid upon project completion.
The transaction requires customary closing conditions and OCI shareholder approval. OCI will manage the project's construction and startup, transitioning operations to Woodside once fully operational.
