Woodside Energy Group Ltd., Australia’s largest energy producer, is set to acquire a clean ammonia project in Texas for $2.35 billion. Woodside will purchase OCI Clean Ammonia Holding BV from Dutch chemicals company OCI NV in an all-cash transaction. The deal was announced on Monday and is expected to support Woodside’s expansion into the burgeoning market for lower-carbon energy solutions. The Texas plant is currently under construction and plans to commence production by 2025, with lower-carbon ammonia production following a year later.
OCI NV shares responded positively to the announcement, surging by up to 11% at market open in Amsterdam. This acquisition marks Woodside’s second major foray into the U.S. energy market within a fortnight. Last week, Woodside agreed to buy a significant stake in a liquefied natural gas project.
For further details, please refer to the Bloomberg Law article.