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Adnoc, OCI to set up fertiliser JV

ABU DHABI: Abu Dhabi National Oil Company (Adnoc) has announced a new strategic partnership with OCI, a global producer and distributor of natural gas-based fertilisers and industrial chemicals based in Netherlands.

The partnership will see the Emirati group combine its fertiliser business, Adnoc Fertilisers, into OCI’s Middle East and North Africa (Mena) nitrogen fertiliser platform to form a new joint venture.

The JV will become the largest export-focused nitrogen fertiliser platform globally and the largest producer in the Mena region with a production capacity of 5 million tonnes of urea and 1.5 million tonnes of sellable ammonia.

As per the deal, Adnoc will own a 42 per cent stake, while OCI will have the rest 58 per cent in the JV. Annual revenues for the combined entity are set to hit $1.74 billion, based on 2018 pro forma figures.

First hydrogen fuelling station opens

DUBAI: State oil giant Saudi Aramco said it has joined hands with Air Products, a world-leading industrial gases company in operation for over 75 years, to open the first hydrogen fuelling station at the latter’s new technology centre in the Dhahran Techno Valley Science Park.

The pilot station will fuel an initial fleet of six Toyota Mirai fuel cell electric vehicles with high-purity compressed hydrogen, said a statement from Saudi Aramco.

The announcement comes amid growing international recognition of hydrogen’s benefits. A report released last week by the International Energy Agency (IEA) concludes that hydrogen has vast potential to help the world reduce emissions while addressing its energy needs.

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