ADNOC Pursues Control of Braskem Amid Shift to Bio-Based Future

Abu Dhabi National Oil Company (ADNOC) aims to bolster its position in the evolving energy landscape by seeking a controlling stake in Braskem, Latin America’s top petrochemical firm.

The global energy sector is undergoing a significant transformation, with ADNOC making a strategic move to solidify its standing. The United Arab Emirates-based energy giant has reignited its efforts to acquire a majority share in Braskem, a leading petrochemical company in Latin America. This renewed interest follows an unsuccessful joint bid with Apollo Global Management in May 2023.

ADNOC’s pursuit of Braskem reflects a broader trend in the Middle Eastern oil and gas industry. With growing concerns about climate change and the push for sustainable energy solutions, companies traditionally reliant on fossil fuels are diversifying their portfolios and embracing bio-based alternatives.