Abu Dhabi National Oil Company is in talks to acquire equity stakes in refineries operated by units of Thailand’s PTT group, according to people familiar with the discussions. The structure pairs equity stakes with dedicated crude supply contracts and offtake rights for refined products. People familiar with the discussions say an agreement could be announced later this year. The arrangement would lock in long-term crude sales into Thailand and give Adnoc’s trading arm a direct supply of fuels for regional resale.
Nigeria talks centre on Dangote’s massive refinery
Adnoc is also in discussions with Nigeria’s Dangote Group over potential stakes in its refining operations, including the Dangote Petroleum Refinery. The talks cover the Dangote Petroleum Refinery in the Lekki Free Zone near Lagos, which has a designed crude oil processing capacity of about 650,000 barrels per day.
What do the deals mean for Adnoc’s trading strategy?
Gulf national oil companies now treat downstream equity as a market access hedge. One senior market strategist puts it plainly: acquiring refinery stakes in Asia and Africa is how Gulf producers convert crude barrels into captive customers and trading flows, not merely financial returns. That logic sits at the heart of Adnoc’s current push.
Adnoc’s home base remains its Ruwais complex in the UAE, which is among the world’s largest integrated refining and petrochemicals sites by capacity. However, the company is accelerating overseas.
African retail adds another layer to the expansion
Downstream retail is growing too. In July 2026, Adnoc Distribution agreed to acquire 100% of Shell Downstream South Africa in a deal with an implied enterprise value of about $1 billion, subject to debt and working-capital adjustments. The deal is expected to hand Adnoc Distribution about 580 fuel stations in South Africa, along with wholesale fuels, aviation and lubricants businesses. Adnoc Distribution and Reatile Group signed a long-term strategic partnership agreement under which Reatile will take a minority stake in Shell Downstream South Africa once Adnoc Distribution’s acquisition of the business closes, supporting South Africa’s Black Economic Empowerment objectives.
The Thai and Nigerian refinery talks therefore fit a clear pattern. Adnoc is building an integrated position — crude production, refinery equity, product offtake and retail — across Africa and Asia simultaneously. Investors and policymakers should watch for formal announcements on stake sizes, crude supply volumes, and how Adnoc integrates these new refining assets with its expanding African retail network and global trading operations.
Quick answers
Adnoc is in talks to acquire stakes in refineries operated by units of PTT Public Company in Thailand and in Dangote Group’s refining operations in Nigeria, including the Dangote Petroleum Refinery — which runs at around 700,000 barrels per day — and a planned facility in Lamu, Kenya.
The Dangote Petroleum Refinery has a designed capacity of 650,000 barrels per day and is currently operating at approximately 700,000 barrels per day. Dangote plans to double capacity to 1.4 million barrels per day by 2029 through a $14.3 billion expansion.
In July 2026, Adnoc Distribution agreed to acquire Shell Downstream South Africa for approximately $1 billion, covering around 580 fuel stations and wholesale fuel, aviation, marine and lubricants operations.
