News: WDS UPDATE 1-Australia's Woodside Energy to buy Texas ammonia project for $2.35 bln

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Aug 5 (Reuters) - Australia's Woodside Energy (WDS) said on Monday it will acquire OCI Global's OCI.AS clean ammonia project in Texas for $2.35 billion.

"This transaction positions Woodside in the growing lower carbon ammonia market. The potential applications for lower carbon ammonia are in power generation, marine fuels and as an industrial feedstock, as it displaces higher-emitting fuels" Woodside CEO Meg O’Neill said.

The project targets the production of ammonia from 2025 and lower carbon ammonia from 2026 and will be earnings per share accretive from 2027, Woodside said.

The moves comes as demand for lower carbon ammonia is expected to grow as firms globally shift towards cleaner forms of energy due to climate change.

The project provides Woodside with an early-mover advantage in the growing lower carbon ammonia market, Woodside said.