ABU DHABI, 7th August, 2026 (WAM) — XRG, ADNOC’s international investment arm, has built its chemicals portfolio on a clear strategic rationale.
Through Borouge International, Covestro and Fertiglobe, it has assembled a portfolio of market-leading businesses with global operations, diverse end-market exposure and strong competitive positions.
This combination reduces dependence on any single region, product or market cycle while extending ADNOC’s presence into higher-value chemicals, advanced materials and fertilisers.
The second quarter of 2026 provided an early indication of how that strategy can translate into value creation. Across the portfolio, Borouge International, Covestro and Fertiglobe delivered resilient earnings, demonstrating the benefits of geographic diversification, operational resilience and disciplined execution.
Borouge International, formed in March 2026 through the combination of Borouge plc, Borealis and NOVA Chemicals, reported adjusted EBITDA of US$1.8 billion in its first full quarter as a combined business.
The result reflected the strength of a diversified platform spanning the Middle East, Europe and North America, combining ADNOC’s advantaged feedstock position with technology leadership, global market access and a broad customer base.
The company is also progressing initiatives expected to deliver more than $500 million in EBITDA synergies over time.
Borouge plc, which remains listed on the Abu Dhabi Securities Exchange, reaffirmed its annual dividend intention of 16.2 fils per share, while Borouge International established a shareholder returns policy including a minimum annual dividend of more than $2 billion.
Covestro, which joined XRG’s portfolio in late 2025, delivered first-half EBITDA of €669 million, supported by disciplined commercial execution, cost management and continued strength in its speciality materials business.
The company serves customers across automotive, construction, electronics and healthcare sectors, providing XRG with exposure to advanced materials and higher-value industrial supply chains.
In the second quarter, Fertiglobe more than doubled adjusted EBITDA to $371 million, supported by stronger nitrogen fertiliser markets and solid operational performance across its international asset base.
The result highlighted Fertiglobe’s ability to capture opportunities across multiple geographies and trade routes while maintaining its position as one of the world’s leading producers of nitrogen fertilisers, a critical input for global food production.
Taken together, the results demonstrate the breadth of XRG’s chemicals portfolio, which spans polyolefins, advanced materials and fertilisers across multiple geographies, customers and end markets.
That breadth is one way XRG’s international growth creates value for the UAE. Earnings generated across global markets return to XRG and its shareholders, while Borouge plc and Fertiglobe’s listings on the Abu Dhabi Securities Exchange allow UAE investors to participate directly in their performance. A more diversified international portfolio also strengthens ADNOC’s resilience by reducing exposure to any single market or economic cycle.
XRG’s growth also brings industrial capability and technology into the UAE. Borouge International, jointly owned by XRG and OMV, combines more than 16,500 patents and seven global innovation centres.
That expertise is helping support the development of Borouge 4 in Ruwais, which will increase the site’s production capacity to approximately 6.4 million tonnes per year and make it the world’s largest single-site polyolefins complex.
Collaboration across the portfolio is also beginning to emerge. During the first half of 2026, Covestro, Fertiglobe and TA’ZIZ (a joint venture between ADNOC and ADQ) announced initiatives to explore opportunities across the ammonia, nitric acid and advanced materials value chains in the UAE.
As XRG continues to expand its international chemicals platform, the performance of Borouge International, Covestro and Fertiglobe demonstrates how scale, diversification and portfolio integration can support sustainable growth, strong cash generation and long-term value creation for both shareholders and the UAE.
Source: Emirates News Agency