Adnoc is to acquire a 35% stake in ExxonMobil’s planned blue hydrogen and ammonia production facility at Baytown, Texas. In a joint announcement on 4 September, the partners said that “contingent on supportive government policy and necessary regulatory permits,” they intend to take FID on the project in 2025 and anticipate startup in 2029.
The agreement was signed by Adnoc CEO Sultan al-Jaber and ExxonMobil CEO Darren Woods, and witnessed by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council. Adnoc has a long track-record of working with ExxonMobil, which has a 28% stake in Abu Dhabi’s 1mn b/d Upper Zakum offshore oil concession. (CONTINUED - 993 WORDS)
