The Board of Management of Covestro AG has decided, in view of the interest in Covestro expressed by Abu Dhabi National Oil Company (Adnoc), to enter into open-ended discussions with Adnoc. During the discussions, Covestro’s Board of Management will address the safeguarding of the further implementation of its future- and sustainability-oriented corporate strategy, including corresponding corporate governance provisions.
Research by Global Witness, an international NGO that works to highlight the links between natural resource exploitation, conflict, poverty, and corruption found that Adnoc plans to produce 1.25 billion barrels of oil equivalent in 2030 – an increase of 42% on current production. The analysis further suggests that Adnoc plans to produce the equivalent of more than 28 billion barrels of oil by 2050. This means it could be on course to produce oil and gas that when burned for energy will emit 11.3 billion tons of CO2eq.1
Dr. Markus Steilemann, CEO, Covestro, said, "The interest of Adnoc in our company underlines our strong position as one of the world’s leading manufacturers of high-quality polymer materials and as a leader in the shift towards a circular economy. Beyond current headwinds in our industry, we are optimally positioned to unlock significant long-term value in highly attractive industries underpinned by strong secular growth trends. Regardless of the talks with Adnoc, we will remain fully focused on pursuing our successful ‘Sustainable Future’ strategy in order to unfold our full potential and further drive the transformation towards the circular economy."
To learn more, visit www.covestro.com.