ICL to Supply Clear Brine Fluids for Oil and Gas Drilling to the Emirates

Rhea-AI Summary

ICL, a global leader in specialty minerals, announced its first supply of clear brine fluids to the UAE from Israel, valued at $6 million. This move follows the Abraham Accords, which have fostered business relations between Israel, the UAE, and Bahrain. ICL anticipates a significant increase in sales of clear brine fluids in 2022, driven by rising drilling activity. The company reported approximately $5.0 billion in revenue for 2020 and employs over 12,000 people worldwide.

Positive

• First-time supply of clear brine fluids to UAE valued at $6 million.
• Anticipated significant increase in sales and commercial opportunities in 2022 due to rising drilling activity.

Negative

• None.

Abraham Accords have allowed for the establishment of business relations between Israel and the United Arab Emirates and Bahrain

TEL AVIV, Israel--(BUSINESS WIRE)-- 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.”

About ICL

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.

For more information, visit ICL's website at www.icl-group.com.

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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.

Forward-looking statements refer only to the date they are made, and the company does not undertake any obligation to update them in light of new information or future developments or to publicly release any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211220005947/en/

Investor Relations Contacts

Peggy Reilly Tharp

VP, Global Investor Relations

+1-314-983-7665

Peggy.ReillyTharp@icl-group.com

Dudi Musler

Director, Investor Relations

+972-3-684-4448

Dudi.Musler@icl-group.com

Press Contact

Adi Bajayo

Scherf Communications

+972-52-4454789

Adi@scherfcom.com

Source: ICL Group LTD

FAQ

What is ICL's recent announcement regarding the UAE?

ICL announced it will supply clear brine fluids to the UAE for the first time, valued at $6 million.

How much revenue did ICL generate in 2020?

ICL reported approximately $5.0 billion in revenue for 2020.

What are clear brine fluids used for?

Clear brine fluids are used in the oil and gas industries, specifically for drilling operations.

What is the expected sales growth for ICL in 2022?

ICL anticipates a significant increase in sales of clear brine fluids in 2022 due to rising drilling activity.