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ADNOC to pay out $43 billion as dividends to its subsidiaries by 2030

Abu Dhabi National Oil Company announced on Wednesday that six of its publicly listed subsidiaries would distribute 158 billion Dirhams ($43.02billion) in dividends between 2030 and 2035.

ADNOC stated that the target amount is almost double the 86 billion dollars in dividends that the six subsidiaries collectively paid since ADNOC Distribution was listed in 2017 via an initial public offer.

ADNOC has raised billions by selling stakes to its subsidiaries. It aims to be the top three petrochemical company in the world and top five gas company.

Last year, it established the international investment arm XRG to help achieve these goals.

ADNOC Gas and ADNOC Logistics & Services will also join ADNOC Drilling to pay quarterly dividends, providing more frequent returns for investors.

ADNOC announced the news at an investor presentation of its listed subsidiaries. This was the first event that the group held.

ADNOC Gas also announced that it had signed a 20 year gas supply contract with Ruwais LNG, valued at 147 billion Dirhams ($40 billion), to provide feedstock to the new LNG plant. The plant is expected to start production in 2028. It will more than double ADNOC’s LNG capacity.

ADNOC said the merger between ADNOC and OMV, petrochemical companies Borouge and Borealis to create Borouge Group International is expected to be completed in the first quarter 2026.

ADNOC and OMV have secured financing from global banks to finance the deal worth 56.6 billion Dirhams. This includes the acquisition of Nova Chemicals.

ADNOC reported that BGI's deal with the companies will generate annual benefits worth 1.8 billion dirhams. The new entity will be the fourth largest polyolefins company in the world.

(source: Reuters)