ADNOC Forms Investment Unit Amid $12.6B Covestro Bid, $30B OMV Merger Plans

Nov 27, 2024, 12:26 PM

ADNOC, the largest oil producer in the UAE, has announced the formation of a new investment company focused on international natural gas, chemicals, and low-carbon energy operations. This move aligns with ADNOC's broader strategy to expand its presence in the energy sector, including a $12.6 billion bid for Covestro and a potential $30 billion merger with OMV. Additionally, ADNOC is leveraging recent natural gas discoveries to enhance OMV's appeal. ADNOC has officially launched the new unit as part of its growth initiatives.