XRG, Adnoc’s international investment arm, reported resilient second-quarter 2026 performance across its chemicals portfolio, highlighting the benefits of diversification, global scale and operational discipline.

Its portfolio spans Borouge International, Covestro and Fertiglobe, providing exposure to polyolefins, advanced materials and fertilisers across multiple regions and end markets.

The strategy is designed to reduce reliance on individual products, markets or economic cycles while expanding Adnoc’s presence in higher-value industries.

Borouge International, formed in March through the combination of Borouge, Borealis and Nova Chemicals, reported adjusted EBITDA of $1.8 billion in its first full quarter.

The company expects more than $500 million in EBITDA synergies over time and has established a shareholder returns policy with a minimum annual dividend exceeding $2 billion.

Covestro, which joined XRG’s portfolio in late 2025, recorded first-half EBITDA of €669 million ($773 million), supported by cost management, commercial execution and demand for speciality materials serving industries including automotive, construction, electronics and healthcare.

Fertiglobe more than doubled its adjusted EBITDA in the second quarter to $371 million, benefiting from stronger nitrogen fertiliser markets and solid operational performance across its international assets.

XRG said the portfolio’s global earnings contribute to UAE value creation, while the Abu Dhabi Securities Exchange listings of Borouge and Fertiglobe provide local investors with direct exposure.

The portfolio is also supporting domestic industrial development. Borouge International’s technology and expertise are contributing to Borouge 4 in Ruwais, which will raise production capacity to about 6.4 million tonnes annually.

Further collaboration among Covestro, Fertiglobe and TA’ZIZ is exploring opportunities across ammonia, nitric acid and advanced materials value chains in the UAE. -OGN/TradeArabia News Service