Abraham Accords have allowed for the establishment of business relations between Israel and the United Arab Emirates and Bahrain
ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced it will be supplying clear brine fluids to the United Arab Emirates, directly from Israel for the first time. ICL is expected to supply an initial $6 million of materials by the end of this year, and the company intends to significantly increase its clear brine fluid sales to the Emirates during 2022.
ICL, which is the global leader in bromine compounds, is one of only a few companies in the world able to meet the stringent demands of the oil and gas industries for clear brine fluids. The signing of the normalization agreements has enabled new commercial collaborations, which will benefit both countries.
“We welcome the opportunity to supply our product, as part of this historically significant agreement,” said Anat Tal, president of Industrial Products for ICL. “Sales of clear brine fluids have increased as the year has progressed, and we anticipate this trend will continue into 2022. With the return of drilling activity, we foresee additional commercial opportunities in the Emirates.”
ICL Group is a leading global specialty minerals company, which also benefits from commodity upside. The company creates impactful solutions for humanity's sustainability challenges in global food, agriculture, and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its passionate team of talented employees, and its strong focus on R&D and technological innovation to drive growth across its end markets. ICL shares are dually listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,000 people worldwide, and its 2020 revenues totaled approximately $5.0 billion.
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Forward Looking Statements
This announcement contains statements that constitute forward‑looking statements, many of which can be identified by the use of forward‑looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others.
Forward-looking statements appear in this press release and include, but are not limited to, statements regarding the company’s intent, belief or current expectations. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, positioning, objectives and expectations, general economic, market and business conditions, supply chain and logistics disruptions, the potential for new COVID-19 variants, governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, changes in environmental, tax and other laws or regulations and the interpretation thereof. As a result of the foregoing, readers should not place undue reliance on the forward‐looking statements contained in this press release concerning the timing of the transaction, or other more specific risks and uncertainties facing ICL, such as those set forth in the “Risk Factors” section of its Annual Report on Form 20-F filed on March 2, 2021, as such risk factors may be updated from time to time in its Current Reports on Form 6-K and other filings ICL makes with the U.S. Securities and Exchange Commission from time to time.
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