Energy
UAE’s Adnoc Buys 35% Stake in Exxon’s Texas Hydrogen Plant
- Baytown project still needs US tax credit approval to proceed
- Project likely to become world’s biggest if it goes ahead
Hydrogen is one of the key pillars of Exxon’s and other Big Oil’s low-carbon strategy.
Photographer: Christophe Viseux/BloombergThis article is for subscribers only.
Abu Dhabi National Oil Co. agreed to take a 35% stake in Exxon Mobil Corp.’s proposed hydrogen project in Baytown, Texas, which is likely to be the world’s biggest once built.
The backing from the United Arab Emirates’s national oil company is “another proof point of the overall momentum” behind the project, Dan Ammann, president of Exxon’s low-carbon division, said in an interview. Exxon sees the plant starting up around 2029, about a year later than originally planned in part due to a disagreement with the Biden administration over whether the facility qualifies for tax credits under the Inflation Reduction Act.