M&A WATCH- ADNOC, OCI NV said to be in talks to merge Middle East fertilizers businesses: Abu Dhabi National Oil Company (ADNOC) is in talks with Nassef Sawiris’ OCI NV to explore the possibility of merging their Middle East fertilizers businesses, Bloomberg reports, citing unnamed sources. The assets include a plant in Egypt with capacity to produce about 1.65 mn metric tonnes of urea per year, a 60% stake in another Egyptian production complex that makes ammonia, and a fertilizer venture in Algeria. An agreement could be announced in the coming days, the sources told Bloomberg.

OCI confirms discussions: “OCI continually considers strategic initiatives regarding its portfolio, including possible partnerships,” OCI said in a statement. “In this context, OCI confirms that it is in discussions with ADNOC on a possible cooperation relating to each company’s MENA fertilizer assets. There can be no assurance that any transaction will ultimately take place.” OCI was in talks earlier to sell its methanol assets to Saudi Arabia’s SABIC, Bloomberg noted.