UAE Oil Giant Sees Chemical Firm Covestro as Base for Growth

Adnoc Downstream Director Khaled Salmeen speaks in interview
UAE oil producer is taking over German chemical maker Covestro

A Covestro AG sign outside the corporate headquarters in Leverkusen, Germany.Photographer: Alex Kraus/Bloomberg

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By Francine Lacqua and Anthony Di Paola

December 19, 2024 at 10:17 AM UTC

Updated on

December 19, 2024 at 2:07 PM UTC

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The largest oil producer in the United Arab Emirates is focused on closing its nearly $13 billion acquisition of German chemical maker Covestro AG which would establish a base for international growth.

Abu Dhabi National Oil Co., which secured 91.3% of Covestro stock after an offer period that closed Dec. 16, plans to keep it as a standalone business, according to the executive that led the UAE firm’s push for its biggest deal yet.