OCI NV, Amsterdam, announced Feb. 7 it has inked definitive legal agreements to create a strategic alliance (GM Nov. 24, 2021) with Abu Dhabi’s ADQ and Alpha Dhabi Holding, under which the Abu Dhabi firms will acquire a 15 percent stake in the OCI Methanol Group for $375 million.
OCI said the alliance is aimed at positioning the OCI Methanol Group to be able to pursue future growth opportunities in hydrogen-based applications, including fuel.
“Methanol is a fundamental enabler of the hydrogen economy and is one of the most efficient fuels that will be key to decarbonizing the marine industry in particular,” said OCI.
OCI Methanol has methanol production capacity of around 3 million mt/y, with plants in The Netherlands and in Texas, U.S.
Under the terms of the agreements, OCI Methanol Group will be incorporated as an Abu Dhabi Global Market (ADGM) company in Abu Dhabi.