OCI Global Announces Agreement for the Sale of its Clean Ammonia Project in Beaumont to Woodside Energy
Vinson & Elkins advised OCI Global (“OCI”) in its entry into a binding equity purchase agreement for the sale of 100% of its equity interests in OCI’s clean ammonia project under construction in Beaumont, Texas (“OCI Clean Ammonia”) for purchase price consideration of $2.35 billion, on a cash-free, debt-free basis.
Vinson & Elkins has represented OCI Clean Ammonia since its inception and advised on all aspects of the development of this market-leading, first-mover project in the low carbon ammonia sector. When completed, the low carbon ammonia plant in Beaumont will have an annual production capacity of 1.1 million tons per annum of ammonia produced from hydrogen production assets utilizing carbon capture technology, capturing up to 1.7 million metric tons per year of CO2.
Vinson & Elkins worked with OCI Clean Ammonia in its negotiation of a suite of construction agreements with Tecnimont S.p.A., EXCEL Contractors, LLC and Tarsco Construction Corporation for the engineering, procurement and construction of the ammonia facility and the ammonia storage tanks. In parallel, OCI Clean Ammonia and Vinson & Elkins negotiated with Linde, Inc. for the supply of low carbon hydrogen and with Jefferson Energy Companies for ammonia terminalling and loading arrangements.
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