ADNOC recently advanced its chemicals growth strategy by agreeing to acquire a 35% stake in ExxonMobil’s planned low-carbon hydrogen and ammonia facility in Baytown, Texas, USA.
ADNOC’s strategy aims to create a leading chemicals platform, meeting the rising demand for low-carbon petrochemicals, ammonia, and hydrogen, while supporting global decarbonisation. The focus is on domestic and international expansion, ensuring future growth and new revenue streams.
The acquisition of OCI’s majority stake in Fertiglobe is progressing, with completion expected in Q4 2024. ADNOC and OCI signed a Sale and Purchase Agreement in December 2023 to finalise the deal.
ADNOC also holds a 54% stake in Borouge plc, a top polyolefins producer. In 2023, Borouge sold over 5 million tonnes and is currently working on Borouge 4, a $6.2B expansion to increase capacity to 6.4 million tonnes annually.
In partnership with Borealis and Wanhua Chemical, Borouge is exploring a polyolefins complex in China to produce 1.6 million tonnes per year, supporting ADNOC’s Asian market growth.
The TA’ZIZ ecosystem in Abu Dhabi is central to ADNOC’s low-carbon strategy, producing new chemical products locally and developing a 1 million tonnes-per-annum low-carbon ammonia project with Fertiglobe.
ADNOC is further expanding internationally, holding stakes in OMV and Borealis AG, and is in negotiations to merge its shares in Borouge and Borealis.
