Abu Dhabi’s Adnoc and OCI said to hire banks for Fertiglobe IPO

Abu Dhabi’s Adnoc and OCI said to hire banks for Fertiglobe IPO

RIYADH: Abu Dhabi National Oil Co. and chemical producer OCI have hired banks for a potential listing of their fertilizer joint venture, in what could be one of the largest offerings in the UAE in recent years, Bloomberg reported. Morgan Stanley, Citigroup, HSBC and First Abu Dhabi Bank were appointed as advisers for the listing in Abu Dhabi, the news wire reported citing people familiar with the project who did not want to be identified because the matter was private. The company could be valued at $7 billion, they said. Fertiglobe is the largest seaborne exporter of nitrogen fertilizers globally, and the largest nitrogen producer in the MENA region. It has plants in the UAE, Egypt and Algeria, with production capacity of 5 million tons of urea and 1. 5 million tons of saleable ammonia annually. Headquartered in Abu Dhabi, Fertiglobe is a joint venture between OCI and ADNOC, which own 58 percent and 42 percent respectively. KUWAIT: Kuwait's sovereign wealth fund and state-owned Kuwait Petroleum Corporation (KPC) reached an agreement under which KPC will pay 8. 25 billion Kuwaiti dinars ($27. 44 billion) in accrued dividends over 15 years, two sources said. KPC has owed for years about 7