Adnoc’s planned purchase of German chemicals firm Covestro appears to be gaining traction. Background talks have been ongoing between executives since the two firms entered into “open-ended discussions” in September (MEES, 15 September), and appear poised to enter a more formal phase following the conclusion of the Cop28 talks in Dubai.
The bid is a core element of Adnoc’s ambitious international expansion strategy, especially with the outbreak of the Gaza conflict stalling a planned joint bid with BP for Israeli upstream firm NewMed (MEES, 6 October). (CONTINUED - 1012 WORDS)
