According to Amac News: A report by Rystad Energy states that ADNOC's plan to acquire German polymer materials specialist Covestro will allow the company to maintain its diversity and future.
The report states that this company is supposed to become one of the sustainable petrochemical leaders and use its strategic position.
Rystad Energy emphasized in its report that after discussions that have lasted more than a year, ADNOC has now proposed to buy Covestro for an enterprise value of about 14.7 billion euros in cash.
The acquisition represents a step forward in ADNOC's international expansion efforts and is a move that positions the company as one of the top five chemicals players globally.
Covestro operates in 48 production sites and 13 research and development centers in Europe, the Middle East, Africa, Latin America, North America, Asia and the Pacific.
ADNOC has also established a joint venture focused on gas in Egypt in partnership with BP.
With a global portfolio of 83 renewable energy projects and a goal of reaching 100 GW of renewable capacity by 2030, Masdar can help ADNOC and Covestro jointly pursue innovative solutions.
The report noted that the purchase reflects a "broader industry trend whereby traditional oil and gas producers are diversifying revenue streams as oil demand growth slows, particularly in transportation."