A post by @FirstSquawk on X.

ADNOC Trading and Covestro have signed a framework cooperation agreement to explore joint opportunities in energy supply, carbon management and market intelligence. The non-binding pact pairs the trading arm of Abu Dhabi's state oil company with the German chemicals and polymers maker, whose operations are energy-intensive and exposed to volatile feedstock and power costs. The tie-up signals ADNOC's push to deepen commercial relationships with major industrial consumers beyond straightforward crude and product sales, while Covestro gains a potential route to secure supply and lower-carbon energy solutions. Financial terms, volumes and timelines were not disclosed. Watch for follow-on agreements that convert the framework into binding supply contracts or carbon-management projects.