CF Industries Holding Inc., Deerfield, Ill, reported first-quarter net earnings of $151 million, up from the year-ago $68 million and ahead of analyst estimates of $119.9 million. Adjusted EBITDA was $398 million, also surpassing the average analyst estimate or Bloomberg Consensus survey of major analysts, which was $390.6 million.
OCI NV, Amsterdam, reports it continues to expand its offering of low carbon products to its customers, and will be able to produce blue ammonia at OCI Beaumont, Texas, up to the full ammonia production capacity of 365,000 mt/y, starting in the second half of 2021, according to its first-quarter financial report released on May 5. It said it recently signed one agreement and one Letter of Intent (LOI) with two major industrial gases companies for the supply of low carbon hydrogen to the plant. Decarbonizing the feedstock supply will allow OCI Beaumont to reduce its carbon footprint and offer both blue ammonia and bio-methanol to OCI’s downstream customers. OCI already produces green ammonia at OCI Nitrogen in the Netherlands.
Ameropa came in with the lowest prices in the MMTC urea tender for East Coast and West Coast deliveries at $356.99/mt CFR and $358.99/mt CFR, respectively. The lowest price from a producer was $348/mt FOB from PIC. Sources had expected prices to be in the mid-$360s/mt CFR going into the tender. The lowest offered prices reflect a drop of $23/mt for East Coast deliveries and a $21/mt drop for West Coast deliveries. All told, 2.2 million mt to 2.58 million mt were offered in the tender. Sources still expect to see MMTC take more than 1 million mt with Chinese urea dominating the supply.
Yara International ASA, Oslo, and French energy and service major ENGIE said today they will receive A$42.5 million in Australian government funding for their proposed renewable hydrogen plant with a 10-MW electrolyser to support the production of renewable ammonia at Yara’s existing facility in Pilbara, Western Australia. The hydrogen plant is scheduled for completion in 2023.
The grant is being provided as part of the ARENA Renewable Hydrogen Deployment Funding Round.
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.
