Abu Dhabi National Oil Company (ADNOC) said on Wednesday that its six publicly listed subsidiaries will distribute AED158 billion ($43.02 billion) in dividends by 2030.
The targeted amount is nearly double the AED86 billion that the six subsidiaries have cumulatively paid out in dividends since the first listing — ADNOC Distribution — went public via an initial public offering in 2017, ADNOC said.
ADNOC, which has raised billions of dollars by selling stakes in its subsidiaries, aims to become one of the world’s top three petrochemical businesses and top five gas businesses.
The company established its international investment arm, XRG, last year to help achieve those goals.
The state-owned group also announced that ADNOC Distribution, ADNOC Gas, and ADNOC Logistics and Services would join ADNOC Drilling in paying dividends on a quarterly basis, offering investors more frequent returns.
ADNOC made the announcements during a presentation for investors in its listed subsidiaries — the first time the group has held such an event.
The company added that ADNOC Gas has signed a 20-year gas supply agreement with Ruwais LNG valued at AED147 billion ($40 billion) to provide feedstock for the new LNG plant, which is expected to begin production in 2028 and more than double ADNOC’s LNG capacity.
ADNOC also said that the planned merger of its and OMV’s petrochemical firms, Borouge and Borealis, to form Borouge Group International, remains on track to be completed by the first quarter of 2026, with some regulatory approvals already obtained.
Financing from global banks for the AED56.6 billion deal has been secured by ADNOC and OMV, including funding for the acquisition of Nova Chemicals.
The companies have identified annual benefits of AED1.8 billion from the Borouge Group International merger, ADNOC said, adding that the new entity is set to become the world’s fourth-largest polyolefins group.
(Reporting by Yousef Saba; Editing by Kirsten Donovan and Jane Merriman)