Adnoc is talking with PTT Pcl's refining subsidiaries in Thailand about taking an equity position that would also include contracts to deliver crude and the ability to lift fuels from those plants for onward sale, according to people who asked not to be identified because the talks are private. They said the Thai agreement could be unveiled before year end.
The company is also discussing investments with Nigeria's Dangote, including potential stakes in its refinery operations, the people said. Dangote, founded by billionaire Aliko Dangote, runs Africa's largest refinery in Nigeria and has plans to build a facility in East Africa. A senior Dangote executive said many large companies have approached the firm, while declining to address Adnoc specifically. Adnoc and PTT did not respond to requests for comment.
Building an international refining footprint would be a change in approach for Adnoc, which has leaned on its Ruwais complex at home - one of the biggest processors globally - to ship fuels worldwide. The company is weighing deals to secure buyers for its own crude and barrels from other producers, while deepening its trading business.
People familiar with the talks said Thailand's plants configured for heavier crude would be a good match for supplies produced offshore in Abu Dhabi. They added that Adnoc's trading arm could also source crude from other countries, such as Iraq, to feed those plants.
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The war in the Middle East has disrupted supply through the Strait of Hormuz, underscoring the value of building operations outside the Persian Gulf. Adnoc is also eyeing downstream entry in India after past attempts fell short. In 2018, it joined a Saudi Aramco effort to buy into Reliance Industries' refining business, but those talks did not result in a deal.
In East Africa, a possible agreement could extend to stakes in a crude pipeline that would link a proposed Lamu refinery to oil fields in northern Kenya. The company has bought cargoes from Africa before - notably Nigerian oil - for trading, and it has delivered gasoline and diesel to Kenya and Ethiopia.
Any refinery stakes abroad would add to a multibillion-dollar international push. The XRG division of Adnoc has executed deals involving natural gas assets spanning the US, Africa, and Central Asia, and the group also acquired German chemical-maker Covestro AG. In July, Adnoc Distribution agreed to buy Shell's fuel retail operations in South Africa.
If Adnoc secures equity and supply arrangements, especially in Thailand, it would gain steadier outlets for crude and more finished products to market, with less reliance on a single hub at home. That can shift trade routes, nudge regional fuel prices, and quietly move margins across Asia and Africa. For most of us, the message is simple: producers are stitching together supply, refining, and sales across borders to keep barrels moving when choke points flare up.
