Exxon Mobil Corporation (NYSE: XOM) announced that ADNOC will acquire a 35% equity stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility located in Baytown, Texas. The planned multibillion-dollar hydrogen facility is expected to be the world’s largest upon startup, capable of producing up to 1 billion cubic feet per year of low carbon hydrogen and more than 1 million tons of low-carbon ammonia per year. A final investment decision is expected in the first half of 2025 with anticipated startup in 2029. Latham & Watkins previously assisted ExxonMobil on its transaction with Air Liquide to support the production of low-carbon hydrogen and low-carbon ammonia from the facility.
Latham & Watkins LLP represents ExxonMobil in the transaction with a deal team led by Justin T. Stolte, Chris Peponis, Brian Hintze, Greg Sorensen, and Taylor López, with assistance from Mark Goshgarian, Corynn Wilson, Brian Bruzzo, Jacob Kempf, Jordan Armstrong, and Siyao Liu.
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