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Category: Middle East

Memorandum of understanding on strategic ammonia collaboration

Polymer manufacturer Covestro has signed a memorandum of understanding with ammonia and urea exporter Fertiglobe and chemical producer TA’ZIZ to explore collaboration across the ammonia and nitric acid value chains. The MoU reflects the parties’ shared interest in assessing both near-term supply solutions and longer-term opportunities supporting the transition toward lower-carbon production pathways. The agreement was signed during the visit of German Chancellor Friedrich Merz to the UAE.

Feedstock allocation for fourth phosphate plant

The Saudi Arabian Mining Company (Ma’aden) says that the Ministry of Energy has approved the allocation of feedstock for its fourth phosphate project. This project aims to produce approximately 1.1 million t/a of ammonia and increase the production of phosphate and specialty fertilizers by about 2.5 million t/a, raising the company’s total production capacity to nearly 12 million t/a. This will further solidify Ma’aden’s position as one of the world’s largest producers of phosphate fertilizers, according to a company statement. Ma’aden will now commence engineering studies and obtain the necessary approvals.

Financing in place for Hail and Ghasha

The Abu Dhabi National Oil Company (ADNOC), working in partnership with Italy’s Eni and Thailand’s PTT Exploration and Production, has completed a structured financing transaction of up to $11 billion for its huge Hail and Ghasha sour gas development. Dr. Sultan Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology and ADNOC’s Managing Director and Group CEO, commented: “This landmark transaction builds on ADNOC’s successful track record of global energy partnerships and unlocks capital to drive progress at Hail and Ghasha, one of the world’s most ambitious offshore gas projects. The exceptional demand from over 20 leading global and regional financial institutions reinforces confidence in ADNOC’s value creation strategy, innovative approach to financing, and expertise in delivering mega projects. Hail and Ghasha is an important contributor to ADNOC’s gas strategy and is on track to generate significant value for ADNOC, our partners, and the UAE, while unlocking important new gas resources for our customers.”