Covestro AG Enters into Open-Ended Discussions with Adnoc
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