Latham & Watkins, A&O Shearman and Vinson & Elkins are acting on the USD2.35 billion sale of OCI Global’s clean ammonia project to Woodside Energy, an Australian petroleum exploration and production company.
OCI Global has entered into a binding equity purchase agreement for the sale of its entire 100% holding in a 1.1 million metric tonne clean ammonia project under construction in Beaumont, Texas. It is the world’s first large-scale, low-carbon intensity hydrogen-based greenfield ammonia facility, which is expected to start production in 2025.
Latham & Watkins is counselling Woodside, with Justin Stolte, partner and global chair of the energy and infrastructure group, counsel Brian Hintze and associate Greg Sorensen leading a multidisciplinary team.
A&O Shearman and Vinson & Elkins are acting for OCI. The A&O Shearman team is being led by corporate partner Romain Dambre, while the Vinson & Elkins team is being headed by partners Nettie Down, Andrew Nealon and Alan Alexander.
The cash-free and debt-free deal is contingent on customary closing conditions and OCI shareholder approval, with an expected completion later this year.
OCI Global is an international leader in nitrogen, methanol, and hydrogen, driving forward the decarbonisation of energy intensive industries.
