The deal is expected to close in 2024, OCI said in a statement, adding that it will use the proceeds to cut its debt significantly. The com pany's net debt stood at $2.3 billion at Sept. 30.

"A return of capital to shareholders will be considered within the context of OCI's capital returns framework," the company added.

OCI has been selling assets for hefty sums. On Friday it announced the sale of its 50% stake in ammonia and urea producer Fertiglobe to Abu Dhabi National Oil Company for $3.62 billion.

"Combined with the recent sale of Fertiglobe, OCI is crystallising $7.2 billion of tax-free gross cash proceeds," finance chief Hassan Badrawi said in a statement.

Morgan Stanley is acting as financial advisor to OCI on the IFCO deal while Cleary Gottlieb Steen & Hamilton is legal adviser.

(Reporting by Olivier Sorgho; Editing by David Goodman)