World News
OCI Global Gets EU Nod for Methanol Unit Sale to Methanex
The European Commission (EC) has approved the acquisition of OCI Global's methanol business by Canada-based Methanex Corporation, clearing a key regulatory hurdle for the deal.
The transaction has been approved under the EU Merger Regulation, the EC said in a statement on its website on Wednesday.
It concluded that the deal does not raise competition concerns, citing the limited overlap between the companies' activities in the relevant markets.
Last year, OCI announced a deal to sell the methanol business to Methanex for $2.05 billion.
OCI has been one of the main suppliers of AP Moller-Maersk's new methanol-fuelled container ships.
The company operates several production facilities globally as part of its methanol operations.
Demand for methanol is expected to grow over the coming years as the shipping industry turns to cleaner marine fuels. While just 59 methanol-fuelled vessels are currently in operation, an additional 325 are scheduled to join the global fleet by 2028, according to classification society DNV data.
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| VLSFO | MGO | |||
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| $/mt | +/- | $/mt | +/- | |
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