ADNOC Acquires German Chemicals Maker Covestro for €14.7 Billion

Abu Dhabi National Oil Company (ADNOC), the UAE’s state-owned energy giant, has taken a major step in its diversification strategy by acquiring German chemicals manufacturer Covestro for €14.7 billion ($16.3 billion).

This acquisition marks the largest in ADNOC's history and is one of the most significant foreign takeovers by a Gulf state. The deal is part of ADNOC’s broader effort to diversify away from oil dependency as the global energy sector increasingly shifts towards cleaner alternatives.