OCI NV, Amsterdam, said today following board approvals, its Fertiglobe joint venture with Abu Dhabi National Oil Co. (ADNOC) has started preparations for a potential IPO in Abu Dhabi, subject to market conditions, but it gave no further details. OCI confirmed last month an IPO of the joint venture was being considered.
OCI posted a first-quarter adjusted net income attributable to shareholders of the company of $94.4 million versus an adjusted net loss of $82 million a year ago. Revenue was up 38 percent, at $1.12 billion, while adjusted EBITDA increased 134 percent to what the company described as a record $451.8 million.
The company also reported it has taken the decision that any potential strategic action for its methanol business will be in the form of a partnership rather than a full divestment, given that ammonia and methanol will play a key role to decarbonize many sectors in the hydrogen economy and outright as fuels.