Latest news with #OCI
Korea Herald
13 hours ago
- Business
- Korea Herald
OCI Global Completes Sale of OCI Methanol to Methanex Corporation
AMSTERDAM, June 28, 2025 /PRNewswire/ -- OCI Global (Euronext: OCI), ("OCI", the "Company") is pleased to announce the successful closing of the divestment of 100% of its equity interests in its Global Methanol Business ("OCI Methanol") to Methanex Corporation (TSX: MX) (Nasdaq: MEOH) ("Methanex"), (the "Transaction") previously announced on 9 September 2024, following satisfaction of all closing conditions, including receipt of the required regulatory and shareholder approvals. Nassef Sawiris, Executive Chairman of OCI commented on the announcement: "The successful closing of the Methanol transaction, alongside the full repayment of our bond and bank debt and a further planned return of capital to shareholders, marks a key step in OCI's ongoing evolution. It demonstrates the strength of our portfolio and our ability to execute value-accretive transactions while maintaining financial discipline. Including the proposed USD 1 billion distribution, we will have returned over USD 7.4 billion to shareholders since 2021, reflecting our continued focus on delivering shareholder value." Hassan Badrawi, CEO of OCI said: "The completion of this transaction underscores our focus on disciplined capital allocation and operational execution. With around USD 11.6 billion in tax-efficient gross proceeds realized in just 18 months, we have enhanced OCI's financial strength, enabling further deleveraging and targeted shareholder distributions, while preserving the flexibility to advance our strategic agenda." Transaction Details For more information on the Transaction, reference is made to the press release published on 9 September 2024. 2033 Notes Tender Offer USD 1.0 Billion Extraordinary Cash Distribution Advisors Morgan Stanley & Co. International plc is serving as financial advisor to OCI on the Transaction. A&O Shearman, Cleary Gottlieb Steen & Hamilton LLP and Stikeman Elliott LLP are acting as its legal advisors. This press release contains or may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. About OCI Global Learn more about OCI at You can also follow OCI on LinkedIn. About OCI Methanol OCI Methanol is a leading methanol producer in the US and through OCI HyFuels, a leading producer and distributor of green methanol today. OCI Methanol's total productive capacity comprises the following assets: OCI Methanol's assets are in highly strategic and developed market locations across the United States and Europe with extensive distribution and storage capabilities near major industrial demand centers and key bunkering hubs. The assets in the United States have access to stable and low-cost USGC natural gas, enabling first quartile cost curve positions. OCI HyFuels is a pioneering first-mover in providing the road, marine, power, and industrial sectors with renewable and low-carbon fuel alternatives to meet evolving regulatory requirements. The business includes the production and distribution of green methanol, bio-MTBE, renewable natural gas, and ethanol. Methanol and ammonia are key enablers of the hydrogen economy and the most logical hydrogen fuels, key to decarbonizing hard to abate industries including marine. About Methanex Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol globally. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the Nasdaq Stock Market in the United States under the trading symbol "MEOH." Methanex can be visited online at Disclosures Immediately prior to the closing of the Transaction, OCI N.V. and its wholly owned subsidiary, OCI Chemicals B.V. (collectively, the "Acquirors") did not hold any securities of Methanex. Upon closing of the Transaction, the Acquirors now beneficially own, directly or indirectly, or exercise control or direction over 9,944,308 common shares of Methanex (the "Consideration Shares"), representing approximately 12.86% of Methanex's issued and outstanding common shares on a non-diluted basis. The Consideration Shares were issued as partial consideration for OCI's international methanol business at a value of CAD 61.05 per share, being the Canadian dollar equivalent of the USD 45.07 per share value at which the Consideration Shares were issued based on The Bank of Canada daily USD:CAD rate of 1.00: 1.3545 posted on September 6, 2024 (the business day prior to the date of the Purchase Agreement), representing an aggregate value of approximately CAD 610 million. The Acquirors acquired the Consideration Shares for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of Methanex. The Acquirors may from time to time in the future decrease or increase their direct or indirect ownership, control or direction over securities of Methanex. This release is required to be issued under the early warning requirements of applicable Canadian securities laws. The Acquirors have their head office located at Honthorststraat 19, 1071 DC Amsterdam, The Netherlands. An early warning report respecting the acquisition of the Consideration Shares by the Acquirors will be filed under the Methanex's SEDAR+ profile at and once filed, a copy report can also be obtained by contacting OCI (see details below).
Yahoo
16 hours ago
- Business
- Yahoo
Oracle Benefits From AI Cloud Service Adoption: A Sign of More Upside?
Oracle's ORCL collaboration with xAI to deploy its Grok models via the Oracle Cloud Infrastructure ('OCI') is expected to further drive momentum in the company's cloud services and license support revenues in the near term. OCI spans domains like compute, databases and AI services, providing end-to-end solutions for enterprise workloads. Oracle's 23 AI database has helped businesses integrate AI solutions by automating workflows and providing flexibility to tailor models to business-specific needs. Oracle had previously demonstrated its ability to host, train and scale various models through partnerships with Cohere, LLAMA 2 and NVIDIA AI Enterprise. The latest partnership with xAI is expected to significantly increase OCI compute, storage and network usage. Additionally, the seamless deployment of Grok models is likely to encourage long-term contract renewals. Looking forward, total cloud revenues are expected to grow 26-30% for the first quarter of 2026, and by over 40% for fiscal 2026. The company also noted that for fiscal 2026, cloud infrastructure revenues are projected to grow even more than 70%, up from 51% in the prior year. Oracle faces tough competition from players like Alphabet GOOGL and Amazon AMZN. Alphabet's Google Cloud invests heavily in custom AI chips called TPUs and recently introduced its latest version, Ironwood. The company recently launched the 'Cloud Wide Area Network,' making Google's private cloud network globally accessible. The recent inclusion of Gemini 2.5 and Flash into Alphabet's Vertex AI Platform is expected to transform enterprise-AI sophistication. Amazon's cloud services are deployed via AWS. Amazon's AI applications like Alexa+ and its latest AI chip, Trainium 2, are delivering massive improvements in performance and efficiency. Amazon's Bedrock recently integrated Anthropic's Claude 3.7 Sonnet and Meta's Llama 4 model family to build high-quality Generative AI applications. The company recently launched a preview version of Amazon Nova Act, designed to help developers break down complex tasks and perform commands in web browsers. ORCL's shares have appreciated 27.7% in the year-to-date period, outperforming both the Zacks Computer and Technology sector's return of 5.5% and the Zacks Computer-Software industry's appreciation of 14.6%. Oracle's shares have also outperformed Alphabet and Amazon in the year-to-date period. While shares of GOOGL dropped 8.4%, AMZN plunged 1.0%. Image Source: Zacks Investment Research Oracle trades at a three-year EV/EBITDA of 26.53X, substantially above the Zacks Computer-Software industry average of 19.86X. ORCL has a Value Score of D. Image Source: Zacks Investment Research The Zacks Consensus Estimate for ORCL's fiscal 2026 revenues is currently pegged at $66.63 billion, indicating 16.08% year-over-year growth. The consensus mark for 2026 earnings is pegged at $6.71 per share, up 1.05% over the past 30 days. This indicates an 11.28% increase from the figure reported in the year-ago quarter. Oracle Corporation price-consensus-chart | Oracle Corporation Quote ORCL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Inc. (AMZN) : Free Stock Analysis Report Oracle Corporation (ORCL) : Free Stock Analysis Report Alphabet Inc. (GOOGL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
NDTV
18 hours ago
- Politics
- NDTV
4,415 Indians Evacuated From Conflict Zones In Iran, Israel Via 19 Flights: Centre
New Delhi: The Indian government has initiated Operation Sindhu to evacuate Indian nationals from conflict zones in Iran and Israel amid escalating tensions in West Asia. The operation, which began on June 18, has successfully evacuated over 4415 Indian nationals so far. "A total of 4415 Indian nationals (3597 from Iran and 818 from Israel) have been evacuated so far using 19 special evacuation flights, including 3 IAF C-17 aircraft. 14 OCI card-holders, 9 Nepali nationals, 4 Sri Lankan nationals and 1 Iranian spouse of an Indian national were also evacuated from Iran," the Ministry of External Affairs said. "The evacuated Indian nationals included more than 1500 women and 500 children," it added. According to MEA, on 17-18 June, Indian Missions in Tehran, Yerevan, and Ashgabat coordinated the evacuation of Indian nationals from Iran through land border crossings to Armenia and Turkmenistan. Special evacuation flights commenced on 18 June and facilitated the return of Indian nationals to New Delhi. The majority of evacuations were carried out through Mashhad, following Iran's opening of its airspace for evacuation flights under Operation Sindhu on June 20 at India's request. "We thank the Government of Iran for this gesture. A total of 3597 Indian nationals -- including students, workers, professionals, pilgrims and fishermen - from more than 15 Indian states - were brought back to India from Yerevan, Ashgabat and Mashhad from June 18 to 26using 15 special evacuation flights," as per MEA. The Israel leg of Operation Sindhu commenced on June 23. Indian Missions in Tel Aviv, Ramallah, Amman and Cairo facilitated the movement of Indian nationals across land borders to Jordan and Egypt. A total of 818 Indian nationals were evacuated, including students, workers and professionals. They were evacuated from Amman and Sharm al Sheikh from June 22 to 25 using four evacuation flights including 3 IAF C-17 aircraft. MEA noted that, "in view of the reopening of the airspace, evacuation operations were halted on June 25. Further actions will be taken based on the evolving situation in West Asia." The Government of India is deeply committed to the safety and well-being of its citizens abroad. Under PM Narendra Modi's guidance, Operation Sindhu is another demonstration of this commitment, said the MEA. "We thank the Governments of Iran, Israel, Jordan, Egypt, Armenia and Turkmenistan for their support during Operation Sindhu. Indian Missions will stay engaged with host Governments and the Indian community in Iran, Israel and the wider West Asia region," it added.
Times of Oman
19 hours ago
- Politics
- Times of Oman
4415 Indians evacuated from conflict zones in Iran, Israel via 19 special flights: MEA
New Delhi: The Indian government has initiated Operation Sindhu to evacuate Indian nationals from conflict zones in Iran and Israel amid escalating tensions in West Asia. The operation, which began on June 18, has successfully evacuated over 4415 Indian nationals so far. "A total of 4415 Indian nationals (3597 from Iran and 818 from Israel) have been evacuated so far using 19 special evacuation flights, including 3 IAF C-17 aircraft. 14 OCI card-holders, 9 Nepali nationals, 4 Sri Lankan nationals and 1 Iranian spouse of an Indian national were also evacuated from Iran," the Ministry of External Affairs said. "The evacuated Indian nationals included more than 1500 women and 500 children," it added. According to MEA, on 17-18 June, Indian Missions in Tehran, Yerevan, and Ashgabat coordinated the evacuation of Indian nationals from Iran through land border crossings to Armenia and Turkmenistan. Special evacuation flights commenced on 18 June and facilitated the return of Indian nationals to New Delhi. The majority of evacuations were carried out through Mashhad, following Iran's opening of its airspace for evacuation flights under Operation Sindhu on June 20 at India's request. "We thank the Government of Iran for this gesture. A total of 3597 Indian nationals -- including students, workers, professionals, pilgrims and fishermen - from more than 15 Indian states - were brought back to India from Yerevan, Ashgabat and Mashhad from June 18 to 26using 15 special evacuation flights," as per MEA. The Israel leg of Operation Sindhu commenced on June 23. Indian Missions in Tel Aviv, Ramallah, Amman and Cairo facilitated the movement of Indian nationals across land borders to Jordan and Egypt. A total of 818 Indian nationals were evacuated, including students, workers and professionals. They were evacuated from Amman and Sharm al Sheikh from June 22 to 25 using four evacuation flights including 3 IAF C-17 aircraft. MEA noted that, "in view of the reopening of the airspace, evacuation operations were halted on June 25. Further actions will be taken based on the evolving situation in West Asia." The Government of India is deeply committed to the safety and well-being of its citizens abroad. Under PM Narendra Modi's guidance, Operation Sindhu is another demonstration of this commitment, said the MEA.
Hamilton Spectator
21 hours ago
- Business
- Hamilton Spectator
Methanex Corporation Completes Acquisition of OCI Global's Methanol Business
VANCOUVER, British Columbia, June 27, 2025 (GLOBE NEWSWIRE) — Methanex Corporation (TSX:MX) (Nasdaq:MEOH) announced today that it has completed the previously announced acquisition of OCI Global's ('OCI') international methanol business. As part of the transaction, first announced in September 2024, Methanex has acquired an interest in i) two world-scale methanol facilities in Beaumont, Texas, which have access to robust North American natural gas feedstock and one of which also produces ammonia, ii) a low-carbon methanol production and marketing business, and iii) a currently idled methanol facility in the Netherlands. The transaction consideration consists of approximately $1.2 billion of cash, excluding adjustments to working capital and cash acquired, the issuance of approximately 9.9 million common shares of Methanex and the assumption of approximately $450 million in debt and leases. 'We are excited to complete this important strategic acquisition and to welcome a talented team to Methanex,' said Rich Sumner, President and CEO of Methanex. 'I want to thank the individuals that worked diligently to successfully close this acquisition. As we move forward, our focus is on ensuring a smooth integration, maintaining safe and stable operations, and delivering the strategic benefits of this acquisition.' In connection with the transaction, Methanex has filed a base shelf prospectus (the 'Prospectus') with the securities regulatory authority in the Province of British Columbia in accordance with a customary registration rights agreement entered into between Methanex and OCI. The Prospectus will also be filed with the U.S. Securities and Exchange Commission as part of a registration statement on Form F-10 in accordance with the Multijurisdictional Disclosure System established between Canada and the United States. Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol globally. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol 'MX' and on the Nasdaq Stock Market in the United States under the trading symbol 'MEOH'. Methanex can be visited online at . Inquiries Sarah Herriott Director, Investor Relations Methanex Corporation 604-661-2600 or Toll Free: 1-800-661-8851
