The choice of shipping’s methanol fuel provider is contracting with news yesterday that Canada’s Methanex Corporation is spending $2.05bn to acquire OCI Global’s international methanol business.
The transaction includes OCI’s interest in two methanol facilities in Beaumont, Texas, one of which also produces ammonia. The transaction also includes a low-carbon methanol production and marketing business and a currently idled methanol facility in the Netherlands.
The $2.05bn purchase price will consist of $1.15bn in cash, the issuance of 9.9m common shares of Methanex valued at $450m and the assumption of $450m in debt and leases.
“This is a unique opportunity to create value by acquiring two highly attractive North American methanol assets that will further strengthen our global production base and we expect it will be immediately accretive to free cash flow per share,” said Rich Sumner, president and CEO of Methanex, whose subsidiary Waterfront Shipping is one of the pioneers in methanol shipping.
Maersk, X-Press Feeders and Eastern Pacific Shipping are among the top names who are clients of Netherlands-based OCI Global.
Closing of the transaction is expected in the first half of 2025.
Methanex acquires Dutch methanol provider
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