Abu Dhabi National Oil Company (ADNOC) will acquire a 35% equity stake in Exxon Mobil Corp's proposed low-carbon hydrogen project in Texas, with the companies announcing a one-year start-up delay until 2029.

Abu Dhabi National Oil Co. agreed to take a 35% stake in Exxon Mobil Corp.’s proposed hydrogen project in Baytown, Texas, which is likely to be the world’s biggest once built.

Abu Dhabi National Oil Company agreed to acquire a 35% equity stake in Exxon Mobil's (NYSE:XOM) proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas, the companies said Wednesday;

Exxon Mobil agreed Wednesday to sell a 35% stake in its planned Baytown hydrogen facility to Adnoc, the energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. The value of the deal was not disclosed, but was reported to be “easily at the multibillion-dollar scale.”

The Baytown facility will have a production capacity of up to one billion cubic feet per day (bcf/d) of low-carbon or blue hydrogen.