Fertiglobe Acquires 15% Stake in EBIC Held by KBR-Led Consortium
02 August 2021
OCI N.V. today announced that Fertiglobe has agreed with a KBR-led consortium (NYSE: KBR), which includes Mitsubishi, JGC and Itochu, to buy their combined 15% stake in Egypt Basic Industries Corporation (“EBIC”) in Egypt for a total consideration of $43 million. This brings Fertiglobe’s stake in EBIC to 75%, further streamlining the group’s ownership structure.
EBIC consists of one ammonia line capable of producing 748 thousand metric tons per year, located in Ain Sokhna in Egypt, with direct pipeline connections to Sokhna port, one of the region’s largest export jetties on the Red Sea EBIC was constructed by OCI in partnership with KBR, and uses KBR’s latest and commercially proven KBR Advanced Ammonia Process (KAAP) technology. Construction of the plant was completed in 2009.
Ahmed El-Hoshy, Chief Executive Officer of OCI N.V., commented: “OCI has long-standing relationships with KBR and our Japanese partners in the consortium, and we are proud of the value jointly created for our stakeholders over the years. We look forward to continuing to work with KBR globally. Most recently, EBIC has begun developing Egypt’s first green ammonia pilot project, for which KBR conducted an engineering study.”
“KBR’s Sustainable Technology Solutions business is committed to helping provide and shape sustainable and efficient solutions to its clients globally,” said Jay Ibrahim, KBR President – Sustainable Technology Solutions. “Our continued partnership with OCI outlines our strong position as a market leader in this sector, and we are excited to continue working with OCI in their plans to produce Blue and Green Ammonia, in addition to operational and maintenance excellence using KBR’s digital offering.”