OCI Global advances portfolio reset as divestments accelerate amid strong cash position

Last updated: May 30, 2026 8:26 pm

Feyisayo Ajayi - Head of Digital strategy and growth Published May 30, 2026

OCI Global, a leading producer and distributor of nitrogen and methanol products led by Egyptian billionaire Nassef Sawiris, reported continued progress on its strategic transformation in the first quarter of 2026, marked by major asset disposals, balance sheet strengthening, and ongoing portfolio simplification across its nitrogen and industrial chemicals businesses.

The update, released from Amsterdam on May 29, 2026, highlights a decisive shift toward monetization of non-core assets, even as the company navigates regulatory proceedings and evaluates further structural transactions.

Accelerating divestments and portfolio reshaping

Chief Executive Officer Hassan Badrawi said OCI made “continued progress in executing strategic priorities,” pointing to the completion of multiple transactions, including the sale of OCI Ammonia Holding to AGROFERT, the transfer of Beaumont New Ammonia assets to

Woodside Energy, and the full monetization of its stake in Methanex Corporation.

He said the company’s focus now remains on disciplined cost control, balance sheet management, and advancing strategic options for OCI Nitrogen, including a potential transaction. Badrawi also noted that OCI continues to support ongoing proceedings under the Enterprise Chamber process, with further updates expected in line with disclosure requirements.

Enterprise Chamber process remains ongoing

Separately, directors appointed under the Enterprise Chamber said they have worked constructively with management over recent months and expect to determine by the end of June whether to submit the Orascom-related transaction for shareholder approval.

They added that any further updates will be disclosed as appropriate under applicable rules.

Cash position swings sharply into surplus

OCI reported a significant improvement in liquidity, with a net cash position of approximately $1.08 billion as of May 29, 2026, compared with a net debt position of $54 million at the end of December 2025.

The shift was driven by proceeds from asset divestments, including Beaumont New Ammonia and OCI Ammonia Holding, as well as partial monetization of Methanex shares, offset by corporate costs and restructuring-related cash outflows. As of March 31, 2026, OCI reported a net cash position of $695 million before subsequent Methanex-related proceeds.

Asset sales and capital recycling

The company completed the sale of OCI Ammonia Holding in March 2026 in a deal valued at €290 million ($338.12 million), with expected net proceeds of about $319 million after adjustments. It also finalized the divestment of Beaumont New Ammonia, receiving $470 million in deferred consideration tied to construction and close-out obligations, with remaining exposure estimated at $1.8 billion in total project completion costs.

In addition, OCI fully exited its position in Methanex, comprising roughly 12.9% of issued shares, through a series of block trades, generating about $543 million in net proceeds at an average price of $54.56 per share.

Operational performance and nitrogen market pressures

Under the visionary leadership of Nassef Sawiris, who holds a significant 38.8% stake in the group, OCI has transformed into a global powerhouse with an impressive annual production capacity of 17.2 million metric tons across four continents. On a standalone basis, OCI Nitrogen recorded adjusted EBITDA of $52 million in the quarter, supported by higher sales volumes of 539,000 tonnes compared with 484,000 tonnes in the same period last year.

However, operating free cash flow for the unit was negative $33 million, reflecting working capital outflows driven by receivables and inventory adjustments. Corporate costs rose to $18.5 million in the quarter, above prior guidance, reflecting restructuring activity, advisory expenses, and legal costs linked to ongoing strategic reviews and regulatory proceedings.

OCI said it continues to evaluate strategic options for OCI Nitrogen as part of its broader portfolio review and expects further updates as processes advance. The company also flagged continued volatility in energy and fertilizer markets, noting that margins remain sensitive to gas prices, plant reliability, and geopolitical developments affecting global trade flows.