Adnoc to take 35% stake in Exxon’s Texas hydrogen project
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Abu Dhabi National Oil Company agreed to acquire a 35% equity stake in Exxon Mobil’s (NYSE:XOM) proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas, the companies said Wednesday; financial terms were not disclosed.
The facility is expected to be the world’s largest of its kind upon startup, capable of producing up to 1B cf/day of low-carbon hydrogen, with 98% of carbon dioxide removed and more than 1M tons/year of low-carbon ammonia.
The companies said they expect to reach a final investment decision on the project in 2025, with start-up anticipated in 2029.
“This is a very significant investment and the partners it is attracting give a sense for the momentum that’s building around this project,” Exxon (XOM) President of Low Carbon Solutions Dan Ammann told Reuters.