Abu Dhabi National Oil Company(ADNOC) has agreed to acquire a 35% stake in ExxonMobil's proposed hydrogen project in Baytown, Texas, which is expected to become the world’s largest once completed. The plant, anticipated to start operations around 2029, faced a slight delay due to discussions with the Biden administration over eligibility for tax credits under the Inflation Reduction Act. ADNOC is the third major partner in the project, joining Japan’s JERA Co., Inc. and Air Liquide SA. The facility aims to produce 1 billion cubic feet of hydrogen and 1 million tons of ammonia annually, with hydrogen serving local users and ammonia intended for export.
This marks ADNOC’s second U.S. acquisition, as it continues to expand its hydrogen portfolio in key regions like the U.S. and the Persian Gulf. Both ADNOC and Exxon emphasize the importance of technology-neutral policies, arguing that projects capable of significantly reducing emissions through carbon capture should qualify for incentives, regardless of the specific methods used. The project’s success will contribute to ADNOC’s broader strategy of developing hydrogen production capabilities and advancing the UAE’s 2050 net-zero ambitions.
Read more here: https://worldoil.com/news/2024/9/4/adnoc-joins-exxonmobil-in-soon-to-be-world-s-largest-hydrogen-project-in-texas/