ADNOC is to acquire a 35% equity stake in Baytown, Texas, a project that will produce virtually carbon-free hydrogen. The investment will support both companies’ net zero ambitions, accelerate decarbonisation of hard-to-abate sectors, and meet rising demand for low-carbon hydrogen and ammonia.
The facility will leverage advanced carbon capture and storage technologies to reduce emissions associated with hydrogen production. Creating US jobs and supporting community development initiatives, the project’s construction will also bring substantial economic benefits to Baytown, the Houston area and Texas.
Darren Woods, ExxonMobil chairman and CEO, said: ‘This is a world-scale project in a new global energy value chain. Bringing on the right partners is key to accelerating market development, and we’re pleased to add ADNOC’s proven experience and global market insights to our Baytown facility.’
