ADNOC’s big deals since 2022: $16.3bn Covestro, $13.4bn Nova, $80bn XRG

ADNOC has used its balance sheet for deals in Europe, chemicals and retail as well as oil and gas. Here are the numbers.

XRG investment company (launched Nov 2024)$80bn

Covestro acquisition (Oct 2024)$16.3bn

Nova Chemicals via Borouge Group Int'l (Mar 2025)$13.4bn

Fertiglobe, OCI stake (Dec 2023)$3.62bn

Shell South Africa (Jul 2026)about $1bn

XRG is a platform size, not a purchase price. Source: Wikipedia's ADNOC article.

Timeline

• Dec 2022 Buys a 24.9% stake in Austria's OMV.
• 2023 Awards $17 billion of EPC contracts for the Hail and Ghasha project.
• Dec 2023 Agrees to buy OCI's Fertiglobe stake for $3.62 billion.
• Oct 2024 Announces the $16.3 billion Covestro acquisition; the EU opens a foreign-subsidies investigation in July 2025.
• Nov 2024 Launches XRG as an $80 billion international investment company.
• Mar 2025 Agrees with OMV to combine Borouge and Borealis into Borouge Group International, which will buy Nova Chemicals for $13.4 billion.
• May 2026 Plans to accelerate the West-East Pipeline to double oil export capacity via Fujairah, expected by 2027.
• Jul 2026 Agrees to buy Shell South Africa for about $1 billion (R16 billion), closing expected in 2027.

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