OCI Global (OCI) has entered into a binding equity purchase agreement for the sale of 100% of its equity interests in OCI’s 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas, to Woodside Energy Group Ltd (Woodside), following a competitive process.
Purchase price consideration of $2.35 billion on a cash-free, debt-free basis.
OCI will be fully responsible for delivering a fully staffed and operational facility by completion of the Project. The total scope of the Project includes certain infrastructure and utilities required for a second line.
The transaction is subject to customary closing conditions and receipt of OCI shareholder approval and is expected to close later this year.
The Transaction is expected to close in H2 2024, subject to satisfaction of customary closing conditions and receipt of OCI shareholder approval. OCI’s Board of Directors has approved the transaction and has recommended that its shareholders approve the transaction.
