OCI has confirmed in a stock exchange disclosure that it has started preparing for a potential public offering in Abu Dhabi of its fertiliser JV with Abu Dhabi National Oil Company (ADNOC).
Fertiglobe could be valued between $5 and $5.5 billion, according to sources familiar with the deal. It is 58 percent owned by OCI and 42 percent by ADNOC.
Last month Reuters sources said that ADNOC and OCI were likely to pick First Abu Dhabi Bank, HSBC and Citigroup to work on the public-share sale of their fertiliser joint venture.
OCI said in its filing Fertiglobe’s adjusted EBITDA increased 105 percent in the first quarter from a year earlier and by 56 percent compared to the fourth quarter, as its competitive position improved significantly with European gas prices normalising at higher levels.
OCI said: “We continue to benefit from our fixed gas price agreements at Fertiglobe, in light of higher spot gas pricing in other regions and its correlation with product pricing.”
For more information visit www.oci.nl
