Covestro AG has announced the successful completion of its strategic partnership with XRG P.J.S.C., formerly known as ADNOC International Limited, marking the official start of the collaboration. As part of the transaction, a planned capital increase of EUR 1.17 billion has been executed, strengthening Covestro’s financial position and supporting the delivery of its Sustainable Future strategy.

The closing of the deal brings XRG on board as a long-term strategic partner, providing Covestro with additional resources to accelerate its transformation agenda and enhance value creation across its global operations. The partnership is expected to play a key role in advancing sustainability-driven innovation and long-term growth.

Commenting on the milestone, Covestro Chief Executive Officer Dr Markus Steilemann said the completion of the transaction marks the beginning of a joint journey with XRG. He added that with XRG as a strong and committed partner, Covestro is well positioned to drive its transformation and generate sustainable value for customers, employees and stakeholders worldwide.