ADNOC Targets $43B Dividends over 6 Years from Subsidiaries

Abu Dhabi National Oil Co PJSC’s (ADNOC) six publicly traded companies have announced dividend plans for 2025-30 that would nearly double their dividend payments since ADNOC’s first initial public offering (IPO) for a subsidiary in 2017.

“Our target to distribute AED158 billion ($43 billion) in dividends is a landmark step that gives investors and shareholders clear visibility of dividend distributions through 2030. In doing so, we are reaffirming our confidence and steadfast commitment to delivering long-term value, reducing costs, enhancing efficiency and accelerating growth”, ADNOC managing director and chief executive Sultan Ahmed Al Jaber said Wednesday in a statement on the company’s website.

ADNOC Distribution’s board is proposing to extend its current dividend policy to last through 2030 instead of 2028, the subsidiary said in a filing with the Abu Dhabi Securities Exchange (ADX) on Wednesday. The policy amounts to AED 2.57 billion ($700 million) a year, or 20.57 fils per share, and pledges a minimum dividend amounting to 75 percent of net profit.

The board is also proposing quarterly payouts instead of the current semiannual setup.

The regulatory disclosure added that ADNOC Distribution, the biggest fuel retailer in the United Arab Emirates with a 64 percent market share according to ADNOC, will increase its stations by 15 percent to 1,150 by 2028.

Meanwhile ADNOC Drilling Co PJSC is proposing to raise its 2025 dividend floor by 27 percent year-on-year to $1 billion or around 23 fils per share, ADNOC Drilling said in an ADX filing on Wednesday.

For 2025-30 ADNOC Drilling is proposing a total of at least $6.8 billion or AED 1.6 per share of committed dividend floor, compared to $4 billion or AED 0.9 per share for 2025-28 under the current policy. The new plan carries a minimum five percent annual dividend increase.

On strategic growth, ADNOC Drilling said it expects to achieve 300 million standard cubic feet a day of unconventional gas production in the Ruwais Diyab Concession with a target of up to one billion standard cubic feet per day.

ADNOC Gas PLC, the world’s biggest listed pure play gas company by capacity and the largest dividend payer on the ADX according to ADNOC, has extended its five percent annual dividend growth policy to 2030, aiming for $24.4 billion in total for 2025-30.

ADNOC Gas will also distribute dividends quarterly from the third quarter of 2025, it said in an ADX filing Wednesday.

It said it had also signed a 20-year, $40-billion deal to supply feedstock to Ruwais LNG.

ADNOC Logistics and Services PLC’s (ADNOC L&S) board reset its baseline annual dividend to $325 million starting 2025. ADNOC L&S is maintaining its five percent annual dividend growth policy, against the new annualized dividend level, it said in an ADX filing Wednesday.

It will also deliver dividends quarterly from the third quarter.

ADNOC L&S also said it had signed a 50-year agreement with TA’ZIZ to build and operate the UAE’s first export port for diverse chemicals.

On April 8 Borouge PLC, an ADNOC and OMV AG polyolefins company, announced plans to raise its dividend to 16.2 fils per share. That is expected to be maintained as minimum dividend by the new entity Borealis Group International (BGI) through 2030, with plans for a 90 percent net income payout ratio for the period, Borouge said in a statement on its website.

On March 4 ADNOC and OMV announced an agreement to consolidate their polyolefin businesses, with ADNOC also agreeing to acquire NOVA Chemicals Corp to be transferred to the new joint venture. Under the agreement, Borouge and Borealis AG – now Borealis GmbH – will merge to form BGI.

OMV owns 75 percent of Vienna-based Borealis while ADNOC holds the remaining 25 percent. In Abu Dhabi-based Borouge, ADNOC directly owns 54 percent and Borealis 36 percent. ADNOC’s proposed shareholding in the combined entity is 46.94 percent.

ADNOC and OMV expect to complete the Borealis-Borouge combination and the NOVA Chemicals acquisition in the first quarter of 2026. 

In Wednesday’s statement, ADNOC said global banks have committed $15.4 billion in financing for BGI, including for the acquisition of Nova Chemicals.

Lastly, Fertiglobe PLC, the world’s largest maritime exporter of ammonia and urea according to ADNOC, expects to pay at least $225 million in dividends for 2025.

“This brings total return of capital to shareholders to at least $277 million for 2025, including $52 million share buybacks completed to 30 September 2025, and to $2.8 billion since IPO”, Fertiglobe said in a statement on its website.

Fertiglobe added it had “scaled its diesel exhaust fuel or AdBlue production capabilities in the UAE to guarantee a reliable and high-quality domestic supply”.

“It also signed exclusivity agreements and established production capacity for automotive-grade urea in Egypt into European markets, with potential to deliver a combined annual EBITDA uplift of at least $22 million by 2030”, the statement added.

ADNOC’s six listed companies have so far paid a total of $23 billion in dividends since their public listing, ADNOC said.

“ADNOC’s six listed companies represent more than AED 550 billion ($150 billion) of the market cap and nearly 40 percent of the annual dividends paid on the ADX”, the ADNOC statement said.

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