Woodside, a global energy company, has finalized the acquisition of OCI Clean Ammonia and its clean ammonia project in Beaumont, Texas, for $2.3 billion. This acquisition, announced initially in August, is aimed at enhancing Woodside's presence in the ammonia market and supporting its energy transition strategy. The Beaumont project, a 1.1 million tonnes per annum clean ammonia facility, is designed to produce low-carbon ammonia with significantly reduced lifecycle emissions compared to traditional methods, thanks to carbon capture and sequestration technology. Construction is underway, with the project targeting the production of its first batch of ammonia in 2025 and low-carbon variants in 2026. Meg O’Neill, Woodside's CEO, emphasized that this transaction positions the company as an early participant in the expanding lower-carbon ammonia sector. With global ammonia demand projected to double by 2050, the shift towards lower-carbon options is becoming increasingly vital. Woodside sees various applications for low-carbon ammonia, including in power generation, marine fuels, and industrial processes where it can replace higher-emission alternatives. Furthermore, the acquisition is anticipated to deliver returns that surpass capital allocation framework targets. Woodside expects phase one of the project to generate free cash flow from 2026 onwards, aligning with the company's Scope 3 investment and abatement goals. The $2.35 billion all-cash consideration includes capital expenditure until the first phase's completion, with 80% already paid and the remaining 20% scheduled for payment upon project conclusion.