In Houston, Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 35% equity stake in Exxon Mobil Corp's low-carbon hydrogen project in Texas. This move indicates confidence in the project, which has faced a one-year start-up delay until 2029. The final investment decision for the project has been postponed to 2025. The undisclosed transaction value has been deemed significant by Exxon's President of Low Carbon Solutions, Dan Ammann. The project aims to build the world's largest low-carbon hydrogen facility in Baytown, Texas, powered by natural gas with captured CO2 stored underground. The announcement of the project came after clean energy tax incentives were proposed by the Biden administration, although incentives for natural gas facilities were limited. Exxon's CEO mentioned the potential cancellation of the project without favorable tax credits like those given to hydrogen facilities using renewable fuels. The project's scope has been revised to produce 900,000 tons of low-carbon hydrogen annually and over 1 million tons of low-carbon ammonia, a product commonly used in industries like fertilizer production. Ammonia, with three hydrogen atoms, can also serve as a carrier for hydrogen, enabling its export in liquid form. This diversification was evidenced by Exxon's agreement with JERA to explore selling low-carbon ammonia to Japan. Ammann highlighted the project's dependency on the alignment of supply, demand, and regulatory support for its successful execution.