OCI Global To Sell Clean Ammonia Project To Woodside Energy For $2.35 Bln

(RTTNews) - OCI Global, a producer and distributor of hydrogen products, said on Monday that it has reached a deal to sell its Clean Ammonia project under construction in Beaumont, Texas, to Woodside Energy Group Ltd (WOPEF.PK, WOPEY.PK, WPL.AX) for $2.35 billion on a cash-free and debt-free basis.

Woodside will pay 80 percent of the purchase price to OCI at closing, which is expected in the second-half, with the balance payable at project completion.

OCI Clean Ammonia, the first large-scale, low-carbon intensity hydrogen-based greenfield ammonia facility, is expected to produce first ammonia in 2025, the seller said in a statement.

The project is the only blue ammonia facility under construction globally, capable of producing 1.1 million metric tons per year of blue ammonia in its first phase.

OCI will continue to manage the construction, commissioning and startup of the facility. The firm will continue to direct the contractors until the Project is fully staffed and operational, at which point it will handover to Woodside.