OCI Global Announces Agreement for the Sale of its Clean Ammonia Project in Beaumont, Texas to Woodside Energy

• 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 ("OCI Clean Ammonia" or the "Project"), (the "Transaction") to Woodside Energy Group Ltd ("Woodside"), following a competitive process.
• Purchase price consideration of USD 2.35 billion on a cash-free, debt-free basis ("Purchase Price").
• 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.

AMSTERDAM, Aug. 5, 2024 /PRNewswire/ -- OCI Global (Euronext: OCI), a leading global producer and distributor of hydrogen products today announced that it has reached an agreement for the sale of 100% of its equity interests in its Clean Ammonia project under construction in Beaumont, Texas ("OCI Clean Ammonia" or the "Project"), to Woodside Energy Group Ltd ("Woodside") for a total consideration of USD 2.35 billion on a cash-free and debt-free basis (the "Transaction").

Transaction details

• Under the proposed Transaction, Woodside will acquire 100% of the equity interests in OCI Clean Ammonia. Woodside will pay 80% of the Purchase Price to OCI at closing of the Transaction, with the balance of the Purchase Price payable at Project Completion, defined as completion of the plant according to certain agreed terms and conditions.
• OCI will continue to manage the construction, commissioning and startup of the facility and will continue to direct the contractors until the Project is fully staffed and operational, at which point it will handover to Woodside.
• 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.

OCI Clean Ammonia