Latest news with #AhmedEl-Hoshy
See - Sada Elbalad
5 days ago
- Business
- See - Sada Elbalad
Scatec's Egypt Green Hydrogen Project signed 20-year offtake agreement with Fertiglobe, based on H2Global award
SeeNews Scatec ASA's Egypt Green Hydrogen project, in partnership with Fertiglobe, Orascom Construction, The Sovereign Fund of Egypt and the Egyptian Electricity Transmission Company, reaches a key milestone, after Fertiglobe secured a green ammonia offtake agreement with Hintco in Germany, through the first ever H2Global auction. Based on the award, Fertiglobe and Egypt Green Hydrogen have entered into a 20-year ammonia offtake agreement. The agreement was signed at the Egypt-EU Investment Conference in Egypt on 29 June 2024. 'The H2Global award represents a key milestone for the Egypt Green Hydrogen project in Ain Sokhna, Egypt. This demonstrates the competitiveness of green hydrogen and ammonia production in Egypt, driven by its abundant renewable energy resources and strategic geographical location. We are grateful for the Egyptian government´s leading role in supporting this pioneering project and we look forward to continuing to work with the relevant stakeholders to establish Egypt as a regional green hydrogen hub. With Fertiglobe securing an offtake agreement for the ammonia, Egypt Green Hydrogen will accelerate the project's development and advance it towards financial close,' says Scatec CEO Terje Pilskog. In 2021, Scatec and partners agreed to develop, build, own and operate a 100 MW electrolyser facility to produce renewable hydrogen to be used as feedstock for the production of renewable ammonia at Fertiglobe's existing ammonia plant in Ain Sokhna, Egypt. The project will be powered by about 270 MW of solar and wind power capacity and deliver approximately 13,000 tonnes of renewable hydrogen and up to 74,000 tonnes of renewable ammonia annually. Scatec is the lead developer and majority sponsor of Egypt Green Hydrogen with an ownership share of 52% and will provide EPC services in collaboration with Orascom Construction. Scatec will further provide O&M and Asset Management services for the project alongside key technology providers and project partners. Next important milestones for the project are to select the electrolyser supplier and complete the project financing process with the European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Germany's development finance institution and KfW subsidiary DEG, British International Investment (BII), and US International Development Finance Corporation (DFC), that are providing competitive financing to support the first green hydrogen and ammonia project in Egypt. The partners expect to reach financial close in the first half of 2025. Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, said: 'This award marks a significant milestone for Fertiglobe in advancing sustainable ammonia production and a further critical step towards FID of Egypt Green Hydrogen, expected in H1 2025. Our selection as the winning bidder in H2Global's pilot auction underscores our leadership in supplying low-carbon products and our commitment to shaping a more sustainable future, and I appreciate the work of our incredible team to make this award possible. We are leveraging this vital program which makes our investment in sustainable ammonia economically viable, supporting critical decarbonization technology, while maintaining our disciplined growth strategy.' Gelsomina Vigliotti, Vice President of the European Investment Bank, said: 'Green hydrogen has a key role to play in the energy transition and in providing carbon-neutral solutions for industry. The first offtake agreement for hydrogen produced in Egypt, agreed at the Egypt-EU Investment Conference, represents a key step for future large-scale investment in the sector. The European Investment Bank looks forward to strengthening our cooperation with Scatec, Egyptian and international partners to mobilise investment for large-scale renewable hydrogen production in Egypt.' Nandita Parshad, Managing Director of the EBRD's Sustainable Infrastructure Group, said: 'The signing of the offtake agreement is a key milestone for the Egypt Green Hydrogen project with our long standing clients Scatec and Orascom Construction, as well as the Sovereign Fund of Egypt and Fertiglobe. The EBRD is proud to support this pioneering project which will produce 13,000 tons of renewable hydrogen annually and demonstrate the commercial viability of renewable Hydrogen in Egypt.' Monika Beck, Managing Director at DEG, commented: 'It is part of DEG's mission as an impact and climate financier to promote green hydrogen as a driver of green transformation. We are delighted to contribute to mobilizing investment in this milestone project in Egypt together with our esteemed client Scatec and our development finance partner institutions. We are convinced that it is essential to join forces to drive forward the green transformation, and the private sector plays a key role in this.' Iain Macaulay, Director and Head of Project Finance in Africa at BII, said: 'Egypt has the potential to be a global leader in renewable energy generation and green hydrogen production. I am delighted that BII has been able to provide project finance to back this landmark project, that will support a green and sustainable future for the country and showcase the importance of new technologies in supporting a just transition for the whole African continent.' The project is located in Egypt's Suez Canal Economic Zone (SCZONE), which seeks to become a major hub for green hydrogen industries. Waleid Gamal Eldien, Chairman of SCZONE, said: 'The Egypt-EU Investment Conference 2024, marked a vital milestone on Egypt's pathway to become a global green ammonia hub, as we celebrated the signing of a flagship offtake agreement between Fertiglobe and Egypt Green Hydrogen, the first green hydrogen plant in Africa, located at the SCZONE. As first agreement under H2Global auction, the offtake not only demonstrates the EU support to the emerging green hydrogen industry and the realization of Egypt's potential, but additionally emphasizes Egypt's determination to reach its vision, and showcase its comparative advantage stemming from its abundant renewables resources, industrial land, and its unique geographic location with ease of access to the world. The agreement is a testimony of Egypt's leadership and support in mobilizing its resources to attract foreign direct investments in green projects through the facilitation provided by its stakeholders.' The H2Global Foundation was established in 2021 to accelerate the emergence of markets for clean hydrogen and other zero-and low-emission technologies worldwide. It does so through market-based instruments, such as the H2Global mechanism, implemented by its subsidiary Hintco. 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Mid East Info
14-05-2025
- Business
- Mid East Info
Fertiglobe Reports Q1 2025 Results and Announces ‘Grow 2030 Strategy', Targeting EBITDA of $1+ Billion by 2030
Q1 2025 Performance Highlights Q1 2025 revenues of $695 million (+26% Y-o-Y and +49% Q-o-Q), adjusted EBITDA of $261 million (+45% Y-o-Y and +65% Q-o-Q) and adjusted profit attributable to shareholders of $73 million (-24% Y-o-Y2 and +74% Q-o-Q). Strong growth driven by higher sales volumes supported by operational improvements and strategic shipment deferrals from Q4 2024 and higher urea prices. Adjusted for turnarounds, asset utilization and energy efficiency reached record highs across most plants in Q1 2025 driven by the ongoing Phase 1 of the Manufacturing Improvement Plan (MIP) which is now 80% complete. Strategy Update & Announcements: 'Grow 2030 Strategy' aims to transform Fertiglobe into a $1bn+ EBITDA1 global integrated downstream product champion, well placed for the energy transition, via four strategic pillars: Operational excellence (+$165 – 175 million by 2030) Customer proximity (+$30 – 45 million by 2030) Nitrogen product expansion (+$75 – 100 million by 2030) Disciplined low-carbon ammonia growth (+$70 – 100 million by 2030) Fertiglobe's optimization initiatives enhanced by ADNOC support, demonstrated today: ADNOC's full support to achieve $15-21 million of run rate fixed cost savings via integration and other optimization initiatives by year end 2025, as part of Fertiglobe's new $35 million cost reduction target. $6.7 million run rate interest savings through the refinancing of $300 million loan with ADNOC in-house bank in March and recent support in repricing $1.1 billion term loans in May with existing lenders. Fertiglobe successfully completes Automotive Grade Urea (AGU) production trials in Egypt and is creating a full Diesel Exhaust Fluid (DEF / AdBlue) value chain into Spain through an AGU supply agreement with DF Group. Fertiglobe reaffirms capital allocation strategy, distributing substantially all cash after providing for growth opportunities and maintaining investment grade credit rating. Abu Dhabi, UAE – May, 2025: Fertiglobe (the 'Company') (ADX: FERTIGLB), the world's largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the Middle East and North Africa region, and ADNOC's low-carbon ammonia platform, today announces its financial results for the three-month period ended 31 March 2025 ('Q1 2025') and unveils its strategy to accelerate EBITDA growth, aiming to surpass $1bn by 2030. Today, the Company is hosting a Capital Markets Day to provide an update to the market for its next growth phase and present targeted initiatives to strengthen its long-term resilience and competitiveness. Fertiglobe reported revenues of $695 million in Q1 2025, reflecting a 26% increase vs. Q1 2024, and a 49% increase vs. Q4 2024. Adjusted EBITDA for the period totaled $261 million, up 45% and 65% on a Y-o-Y and Q-o-Q basis, respectively. Ahmed El-Hoshy, CEO of Fertiglobe, commented: 'We are pleased to announce a strong set of Q1 2025 results, driven by robust operational performance and supportive market conditions. I would like to thank the team for an excellent safety record in Q1 2025, achieving 10 million safe man-hours and 14 months without any reportable events. This is a major milestone, and we are committed to sustaining and enhancing this performance as we move towards a zero-injury environment. 1 At 2024 prices, compared to $629 million reported EBITDA in 2024. 2 Q1 2024 included a one-off $79 million FX revaluation gain in Egypt; excluding this, net income would have been $18 million . Operationally, we delivered a 7% increase in our own-produced sales volumes vs. Q1 2024, and 31% vs. Q4 2024. This was driven by the strategic shift of shipments from Q4 to capitalize on improving market conditions, and improved plant operating rates, reflecting successful execution on Phase 1 of the Manufacturing Improvement Plan ('MIP') focused on enhancing energy and production efficiency. With ADNOC's strategic support, Fertiglobe has entered the next phase of its growth under the 'Grow 2030 Strategy', targeting to become a $1bn+ EBITDA global integrated downstream nitrogen product champion by 2030 via four strategic pillars. This strategy aligns with the global imperative of food security and ensures we are well positioned to capture upside from the energy transition. Our refreshed strategy presents a clear vision to achieving sustainable operational excellence and cost leadership. With Phase 1 of the cost optimization program completed, and Phase 1 of the Manufacturing Improvement Plan ('MIP') 80% underway, Fertiglobe today commits to new value enhancement initiatives. These include Phase 2 of the cost optimization program, targeting $35 million in annual run rate savings by 2027-end, and Phase 2 of the MIP, aiming for $80 million in additional EBITDA within the same timeframe. Together, value enhancement initiatives underway are expected to contribute $165-175 million to EBITDA on a run rate basis by the end of 20273. We are also enhancing our downstream presence in high-netback markets, with expansion efforts expected to contribute an incremental EBITDA uplift of $30-45 million by 2030. Our recent acquisition of Wengfu's distribution assets in Australia supports this refreshed approach, improving market presence and price realizations in core markets. Additionally, we are advancing our sustainable, higher-margin product portfolio, including Automotive Grade Urea ('AGU'), Diesel Exhaust Fluid ('DEF') and urea with inhibitors, projected to add $75-100 million in annual EBITDA by 2030. We are excited to have successfully completed trials for the production of AGU in Egypt with thyssenkrupp Uhde Fertilizer Technology (tk UFT) with plans to have exclusive rights for this new technology. This will enable us to create a fully integrated DEF value chain by entering into an agreement with DF Group for the supply of AGU. These partnerships reaffirm our commitment to expanding into sustainable, higher value products, and we expect further distribution opportunities in other geographies. We are uniquely positioned to play a critical role in meeting global demand for low-carbon ammonia, underpinned by our unparalleled production platform, established market position and the extensive support of ADNOC's project pipeline and global reach. We are prioritizing disciplined capital allocation and demand-led value accretive investments into low-carbon ammonia, which are expected to contribute $70-100 million to EBITDA by 2030. Central to this disciplined approach is the continued full support of our majority shareholder, ADNOC, as demonstrated by the integration of $15-21 million of run rate fixed cost savings and other optimization initiatives by year end 2025, as part of Fertiglobe's new $35 million cost reduction target, which includes reducing our financing costs by $10 million4 and its incubation of new projects in the pipeline, with more synergies to come across customer networks, logistics, technology and infrastructure. Fertiglobe is strongly positioned for its next phase of growth and value creation, and I am confident in our ability to deliver on this strategy.' 'Grow 2030 Strategy': Roadmap to achieving over $1+ billion EBITDA by 2030 Fertiglobe's refreshed growth strategy aims to position the Company as an integrated global nitrogen champion through four strategic pillars: Operational excellence: Fertiglobe intends to achieve first quartile asset reliability and efficiency across its young asset base, optimize the cost structures of its manufacturing and corporate functions, and fully leverage operational and ecosystem synergies with majority shareholder, ADNOC. Combined, these efforts are expected to contribute an EBITDA uplift of $165-175 million by 2030. 3 Includes the balance of the Phase 1 of the Manufacturing Improvement Plan (MIP). Compared to 2024, at 2024 prices 4 Includes $3.6 million of interest savings resulting from the credit rating upgrades following ADNOC's majority stake acquisition Customer proximity: Fertiglobe will focus on increasing price realization across regions, and contract types, while selectively accessing downstream opportunities to grow volumes and expand its margins in core markets. At the same time, the Company will leverage its global footprint and storage and distribution platform to further enhance cost efficiency. These initiatives are expected to contribute an EBITDA uplift of $30-45 million by 2030. Nitrogen product expansion: The Company plans to broaden its product portfolio by introducing a wider selection of sustainable nitrogen-based products, such as Automotive Grade Urea (AGU) and Diesel Exhaust Fluid (DEF), and to upgrade its ammonia offering to expand into attractive and higher-value products. Fertiglobe anticipates that its diversified product portfolio will yield an additional EBITDA uplift of $75-100 million by 2030. Disciplined low-carbon ammonia growth: As construction progresses on the 1 million tons per annum (mtpa) low-carbon ammonia facility at TA'ZIZ in Ruwais Industrial City, Fertiglobe remains committed to advancing its low-carbon ammonia project pipeline, aiming to deliver attractive returns and to extract value from positive trends in global sustainable fuels demand. The Company's disciplined and long-term approach to its low-carbon ammonia pipeline is set to generate an EBITDA uplift of $70-100 million by 2030. Dividends and capital structure: As of 31 March 2025, Fertiglobe reported a net debt position of $836 million, implying consolidated net debt / LTM adjusted EBITDA of 1.1x, which allows the Company to pursue both growth opportunities and dividend distributions. The Company reiterates its dividend policy to substantially pay out all excess free cash flows after providing for growth opportunities, while maintaining an investment grade credit profile. Fertiglobe remains committed to creating shareholder value, leveraging active cost optimization and manufacturing improvement initiatives to bolster cash flow generation and maintain a robust balance sheet. On 12 March 2025, Fertiglobe appointed a liquidity provider to enhance the liquidity and trading efficiency of Fertiglobe's shareholders in the market. Additionally, in April 2025, Fertiglobe launched a share buyback program to repurchase up to 2.5% of its outstanding shares, subject to market conditions, to reinforce its commitment to deliver attractive and stable shareholder returns. The buyback underscores Fertiglobe's strong confidence in its value creation potential and market positioning. As of 12 May 2025, 17.1 million shares or 0.21% of total outstanding shares were bought back. Fitch and S&P recently upgraded Fertiglobe's credit ratings to reflect its strategic significance within the ADNOC ecosystem, supporting a more favorable funding cost structure. Earlier in 2024, Moody's revised its outlook for Fertiglobe to positive from stable. Fertiglobe is rated investment grade credit ratings by S&P, Moody's and Fitch, reflecting its strong cash flow profile and prudent financial policies. About Fertiglobe: Fertiglobe is the world's largest seaborne exporter of urea and ammonia combined, and an early mover in sustainable ammonia. Fertiglobe's production capacity comprises of 6.6 million tons of urea and merchant ammonia, produced at four subsidiaries in the UAE, Egypt and Algeria, making it the largest producer of nitrogen fertilizers in the Middle East and North Africa (MENA), and benefits from direct access to six key ports and distribution hubs on the Mediterranean Sea, Red Sea, and the Arab Gulf. Headquartered in Abu Dhabi and incorporated in Abu Dhabi Global Market (ADGM), Fertiglobe employs more than 2,700 employees. Fertiglobe is listed on the Abu Dhabi Securities Exchange ('ADX') under the symbol 'FERTIGLB' and ISIN 'AEF000901015.
Mid East Info
10-04-2025
- Business
- Mid East Info
Fertiglobe Shareholders Approve 2024 Dividends of $275 Million and Share Buyback Program, Strengthening Shareholder Value Proposition
Shareholders approved H2 2024 dividends of $125 million (5.5 fils/share), bringing total 2024 dividends to $275 million (12.2 fils/share), implying an industry leading yield of 5.7%. Fertiglobe paid $2.5 billion in dividends since IPO1, reflecting one of the highest yields and total return metrics in its market and industry. Shareholders also approved a buyback of up to 2.5% of its shares, reflecting Fertiglobe's commitment to shareholder returns given the attractive valuation levels. The Company will present a comprehensive update on strategy and value enhancement initiatives at its Capital Markets Day (CMD) with Q1 2025 results on 13 May 2025 in Abu Dhabi. Abu Dhabi, UAE: Fertiglobe (the 'Company') (ADX: FERTIGLB), the world's largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the Middle East and North Africa region, and ADNOC's low-carbon ammonia platform, held its Annual General Meeting ('AGM') on 9 April 2025. Shareholders approved an H2 2024 cash dividend of $125 million (5.5 fils/share), bringing total FY 2024 dividends to $275 million, raising the cumulative distributions since Fertiglobe's 2021 IPO to $2.5 billion, representing one of the highest dividend yields and total return metrics in the industry and on the Abu Dhabi Securities Exchange ('ADX'). Shareholders also approved the Company's proposal to repurchase up to 2.5% of its outstanding shares, subject to market conditions and regulatory approvals, to reinforce its commitment to deliver attractive and stable shareholder returns. The proposed buyback underscores Fertiglobe's strong confidence in its value creation potential and market positioning. The Company will conduct the share buyback through open-market transactions in accordance with ADX regulations, with the quantity of repurchased shares dependent on market conditions and other factors. H.E. Dr. Sultan Ahmed Al Jaber, Chairman of Fertiglobe, said: '2024 marked a year of important milestones for Fertiglobe as it continued to strengthen its performance and fully integrate into the ADNOC ecosystem. The Company delivered strong shareholder returns as a global leader in low-carbon ammonia – the approval of the share buyback program and $275 million in dividends for the year reflects our confidence in Fertiglobe's ability to deliver consistent value while positioning for future growth. As we look ahead, Fertiglobe will play a key role in supporting ADNOC's global growth strategy, unlocking new market opportunities, and accelerating its journey to becoming a champion of sustainable industrial solutions.' Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, commented: '2024 was a transformational year, reinforcing our position as a global leader in nitrogen-based solutions and low-carbon ammonia. Fertiglobe is uniquely positioned to drive sustainable growth and innovation, with a roadmap focused on advancing sustainability, scaling new technologies, and maximizing shareholder value. Our proposed share buyback reflects our confidence in our future, as we remain committed to delivering value to our shareholders, enhancing returns and reinforcing the strength of our financial position. With ADNOC's continued support, our highly skilled team, and a steadfast commitment to operational excellence, we are well-equipped to navigate market dynamics, seize opportunities, and lead the transformation of our industry.' ADNOC's vehicle for global low-carbon ammonia growth: In 2024, ADNOC's investment and majority shareholding emphasized the strategic significance of Fertiglobe within ADNOC's low-carbon strategy and demonstrated a commitment to fostering sustainable growth in the global nitrogen and low-carbon ammonia sectors. By leveraging its position as a leading global ammonia player with a strategic geographic footprint and young asset base, Fertiglobe is well-placed to harness synergies within ADNOC's broader ecosystem, further strengthening its competitive advantages and expanding its reach in critical energy markets worldwide. Value enhancement initiatives support operational performance in 2024: In 2024, Fertiglobe successfully delivered its $50 million recurring annual cost saving initiative by introducing enhancements to its operating model, improvements in logistical capabilities, and optimizing operational cost and spend to maximize efficiencies. In addition, Fertiglobe's Manufacturing Improvement Plan (MIP) is on course (75% complete) to deliver operational and cost efficiencies, leading to incremental annual EBITDA of at least $100 million by the end of 2025, compared to 2023 levels. Despite operational disruptions in 2024, particularly during the summer period due to external factors in Egypt and Algeria, Fertiglobe successfully limited its production decline to only 3% Y-o-Y. After adjusting for external factors, and the strategic decision to defer shipments to 2025 to realize improved pricing, Fertiglobe's own-produced sales volumes in FY 2024 would have been up 3% Y-o-Y. This demonstrates the Company's resilience and commitment to minimizing the impact of external challenges, sustaining operations, and implementing structural measures to improve long-term reliability and productivity, and maximize shareholder value. In addition, Fertiglobe has taken proactive steps to enhance on-site water production at its facilities in Egypt and improve on-site power generation in Algeria. These measures aim to reduce dependence on external power grids and enhance the long-term reliability of Fertiglobe's operations. Outlook: Supported by robust free cash generation and a healthy balance sheet, Fertiglobe remains committed to balancing dividend payments with selective growth spending on value accretive projects. The Company's investment grade positioning is further reinforced by S&P and Fitch's recent credit rating upgrade following the completion of the ownership transfer to ADNOC. Key Dates: General Assembly approval 9 April 2025 Last entitlement date (last day to purchase) 17 April 2025 Ex-dividend date 18 April 2025 Record date 21 April 2025 Dividend payment Within 30 days of the date of the Annual General Assembly About Fertiglobe: Fertiglobe is the world's largest seaborne exporter of urea and ammonia combined, and an early mover in sustainable ammonia. Fertiglobe's production capacity comprises of 6.6 million tons of urea and merchant ammonia, produced at four subsidiaries in the UAE, Egypt and Algeria, making it the largest producer of nitrogen fertilizers in the Middle East and North Africa (MENA), and benefits from direct access to six key ports and distribution hubs on the Mediterranean Sea, Red Sea, and the Arab Gulf. Headquartered in Abu Dhabi and incorporated in Abu Dhabi Global Market (ADGM), Fertiglobe employs more than 2,700 employees. Fertiglobe is listed on the Abu Dhabi Securities Exchange ('ADX') under the symbol 'FERTIGLB' and ISIN 'AEF000901015.
Khaleej Times
10-04-2025
- Business
- Khaleej Times
Fertiglobe shareholders approve 2024 dividends of $275 million and share buyback
Fertiglobe shareholders on Tuesday night approved an H2 2024 cash dividend of $125 million (5.5 fils/share), bringing total FY 2024 dividends to $275 million. Cumulative distributions since Fertiglobe's 2021 IPO now stands at $2.5 billion, representing one of the highest dividend yields and total return metrics in the industry and on the Abu Dhabi Securities Exchange (ADX). Shareholders also approved the company's proposal to repurchase up to 2.5 per cent of its outstanding shares. 'The proposed buyback underscores Fertiglobe's strong confidence in its value creation potential and market positioning. The Company will conduct the share buyback through open-market transactions in accordance with ADX regulations, with the quantity of repurchased shares dependent on market conditions and other factors,' a statement said. Dr. Sultan Ahmed Al Jaber, Chairman of Fertiglobe, said: '2024 marked a year of important milestones for Fertiglobe as it continued to strengthen its performance and fully integrate into the Adnoc ecosystem. As we look ahead, Fertiglobe will play a key role in supporting Adnoc's global growth strategy, unlocking new market opportunities, and accelerating its journey to becoming a champion of sustainable industrial solutions.' Ahmed El-Hoshy, chief executive officer of Fertiglobe, said: '2024 was a transformational year, reinforcing our position as a global leader in nitrogen-based solutions and low-carbon ammonia. Fertiglobe is uniquely positioned to drive sustainable growth and innovation, with a roadmap focused on advancing sustainability, scaling new technologies, and maximising shareholder value. With Adnoc's continued support, our highly skilled team, and a steadfast commitment to operational excellence, we are well-equipped to navigate market dynamics, seize opportunities, and lead the transformation of our industry.' In 2024, Adnoc's investment and majority shareholding emphasised the strategic significance of Fertiglobe within Adnoc's low-carbon strategy and demonstrated a commitment to fostering sustainable growth in the global nitrogen and low-carbon ammonia sectors. In 2024, Fertiglobe successfully delivered its $50 million recurring annual cost saving initiative by introducing enhancements to its operating model, improvements in logistical capabilities, and optimising operational cost and spend to maximise efficiencies. In addition, Fertiglobe's Manufacturing Improvement Plan (MIP) is on course (75 per cent complete) to deliver operational and cost efficiencies, leading to incremental annual earnings before interest, taxes, depreciation and amortisation (Ebitda) of at least $100 million by the end of 2025, compared to 2023 levels. Despite operational disruptions in 2024, particularly during the summer period due to external factors in Egypt and Algeria, Fertiglobe successfully limited its production decline to only three per cent year on year. After adjusting for external factors, and the strategic decision to defer shipments to 2025 to realise improved pricing, Fertiglobe's own-produced sales volumes in FY 2024 would have been up three per cent year on year. Supported by robust free cash generation and a healthy balance sheet, Fertiglobe said it remains committed to balancing dividend payments with selective growth spending on value accretive projects. The company's investment grade positioning is further reinforced by S&P and Fitch's recent credit rating upgrade following the completion of the ownership transfer to Adnoc.
Zawya
03-04-2025
- Business
- Zawya
Carbon Clean completes first industrial deployment of CycloneCC
Carbon Clean has completed the first industrial deployment of CycloneCC, a modular carbon capture unit. The unit has achieved 4,000 operating hours over a six-month period, moving it to Technology Readiness Level 7 (TRL 7). CycloneCC has been continuously operating, delivering a high purity CO2 product that exceeds the projected target and meets Fertiglobe's CO2 purity requirements. System validation confirms that the industrial demonstration unit can be further scaled up and commercialised. The mobile CycloneCC unit was installed in Abu Dhabi in under a week, a record for the carbon capture sector. CycloneCC is Carbon Clean's breakthrough modular technology, offering a viable alternative to conventional plants. Its combination of rotating packed beds and Carbon Clean's proprietary amine-promoted buffer salt APBS-CDRMax solvent increases the efficiency of the carbon capture process while delivering high performance. Aniruddha Sharma, Chair and CEO of Carbon Clean, said: 'Fertiglobe's willingness to invest in first-of-a-kind (FOAK) projects cements its status as a decarbonisation pioneer. Our collaboration with Fertiglobe for this industrial demonstration unit is a major step towards CycloneCC's full commercialisation, so that it can be deployed at scale globally. Installing a carbon capture plant in less than a week is a feat never achieved before. We're excited to have delivered this industry first in carbon capture.' Innovative use of Carbon Clean-developed Artificial Intelligence (AI) has contributed to the plant's increased reliability and availability, as well as maximising the performance of the solvent. The plant has been operating in open loop mode, with human operators implementing AI-suggested recommendations. Ahmed El-Hoshy, CEO of Fertiglobe, said: 'At Fertiglobe, creating value via sustainability is at the heart of our operations. We are committed to meeting the increasing global demand for low-carbon solutions, which bring us closer to a more sustainable future. This collaboration with Carbon Clean at our facility in Al Ruwais reflects our commitment to leveraging advanced technologies, including AI, to advance our decarbonisation goals and meet rising global demand for our products.' -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
