The Abu Dhabi National Oil Company (ADNOC) and OCI N.V. have settled the transaction of combining ADNOC’s fertilizer into OCI’s Middle East and North Africa (MENA) nitrogen platform to create a new leading joint venture (JV), ADNOC announced on September 30, 2019.

The new JV is named Fertiglobe and is headquartered in the international financial center Abu Dhabi Global Market with over $1.7 billion of annual revenues based on 2018 pro forma figures.

“The efficiency we have shown in completing this milestone transaction so quickly is a strong indication of the way that Fertiglobe will operate in the future and a hallmark of what we hope to achieve by combining ADNOC’s fertilizer platform and OCI’s MENA-based fertilizer assets,” Sultan Ahmed Al Jaber, UAE Minister of State, ADNOC CEO, and Chairman of Fertiglobe, said.

“I am very pleased that we have completed this landmark transaction in such a short time frame, which brings together two like-minded partners,” Nassef Sawiris, OCI N.V. CEO and the JV CEO, commented.

Fertiglobe will be the largest nitrogen platform globally, with a production capacity of around 5 million tons of urea and 1.5 million tons of merchant ammonia.

After closing the transaction, Fertiglobe will focus on the integration of the two businesses and is expected to unlock commercial and technical synergies to create momentous value.