OCI Global Energy Transition Leadership
Global
OCIGI
Nitrogen Markets Continued their Recovery in Q3 and are Tightening
Drivers Support Demand Driven Environment
HIGH CROP PRICES and AFFORDABILITY SUPPORT NITROGEN DEMAND and PRICE
RECOVERY
Prior cycle (last 5-6 years)
30%
Corn stocks-to-use ratio
$3.7/bushel
Average corn price 2015 - 2019
Current cycle
26%
2022 corn stocks-to-use ratio
$5.2/bushel
corn futures 2023 - 20251
میرا
LL
GAS AND COAL PRICES RESET in 2023, remaining higher than historical levels
$5/MMBtu
TTF (Dutch natural gas hub)
$16/MMBtu
TTF to end of 20252
TIGHTENING NITROGEN MARKET BALANCES
ENVIRONMENTAL FOCUS DRIVES SHIFT FROM GREY TO BLUE / GREEN
23mt
new urea capacity vs.
7mt
17mt demand growth
2015-2019
Wave of "grey" ammonia
greenfield capacity additions in
US, Europe, MENA
new urea capacity vs.
13mt demand growth
2024-2027
Limited new grey ammonia
capacity to 2027 and
Significant new ammonia demand
from power and shipping,
accelerating post-2025
Source: Company Information, Argus, Industry consultants, (1) 2023 -2025 grain prices based on Dec'23 to Dec'25 futures (2) Average TTF futures from Nov-23 to Dec-25
15View entire presentation