On August 5, 2024, OCI Global agreed to sell its 100% equity interest in the Clean Ammonia project in Beaumont, Texas, to Woodside Energy Group Ltd for USD 2.35 billion (approximately CAD 3.09 billion). The transaction, expected to close in H2 2024 pending customary conditions and shareholder approval, included 80% of the purchase price paid at closing and the remainder at project completion. OCI continued managing the project's construction, commissioning, and startup until it became fully operational.

The Clean Ammonia project, the first large-scale, low-carbon intensity hydrogen-based ammonia facility globally, began engineering in late 2021 and construction in December 2022. It was set to produce ammonia by 2025, capturing and sequestering 1.7 million metric tonnes of CO2 annually. The facility aimed to meet blue ammonia specifications and had the potential to double its capacity.

The collaboration between OCI and Linde integrated low CI hydrogen production and carbon capture technology, while ExxonMobil managed CO2 transportation and sequestration. Morgan Stanley & Co. International plc served as financial advisor to OCI, with A&O Shearman and Vinson & Elkins as legal advisors.

OCI's executive chairman, Nassef Sawiris, and CEO Ahmed El Hoshy highlighted the project's strategic value and future collaboration with Woodside. OCI and Woodside also had notable business activities in Canada, further solidifying their presence in North America through this acquisition.