ADNOC to Take 35% Stake in Delayed ExxonMobil Texas Hydrogen Project

Sep 4, 2024, 12:48 PM

Abu Dhabi National Oil Company (ADNOC) has agreed to take a 35% stake in Exxon Mobil Corp's proposed low-carbon hydrogen project in Baytown, Texas. The project, which is expected to be the world's largest once completed, has been delayed by one year. ADNOC's investment in the project is part of a broader effort to secure tax credits for blue hydrogen in the US. The partnership with ExxonMobil signifies a significant investment from Abu Dhabi, amounting to billions of dollars.