India’s Adani Ports and Special Economic Zone (APSEZ) has announced the acquisition of Abbot Point Holdings (APPH) and its North Queensland Export Terminal (NQXT) in a move that underscores its ambition to enter the global green hydrogen export market.
The acquisition, valued at approximately AUD $3.96 billion (USD $2.54 billion), grants APSEZ full control over NQXT—a deepwater, 50 million tonne per annum capacity terminal that exported 35 million tonnes of coal during FY 2025. With exports spanning 15 countries in Asia and Europe, NQXT generated AUD $349 million (USD $224 million) in revenue last year. APSEZ projects a near-term EBITDA growth trajectory for the terminal, targeting AUD $400 million (USD $257 million) within four years, driven by mining activities in Queensland’s Bowen and Galilee basins.
Despite its fossil fuel-centric operations, APSEZ is framing the acquisition as part of a broader strategy to leverage the terminal for future green hydrogen exports. The terminal’s strategic location on the East-West maritime trade corridor and proximity to renewable energy initiatives in Queensland are cited as enabling factors.
While the Queensland Government has declared ambitions to become a green hydrogen export leader, recent developments have cast uncertainty over the viability of that vision. In early 2025, the state withdrew AUD $1 billion in funding from a flagship hydrogen initiative, citing challenges in project execution and cost pressures.
In this context, Adani’s hydrogen narrative around the NQXT acquisition has attracted significant criticism from environmental groups, who argue that the framing serves to obscure the terminal’s continued role in supporting coal exports. Critics allege that the deal reflects a form of “greenwashing”—promoting a clean energy future while remaining deeply entangled in the fossil fuel economy.
This criticism is amplified by Adani’s wider environmental track record and its contentious ownership of the Carmichael coal mine, a project that has faced global protests due to concerns over carbon emissions and Indigenous rights. With limited specifics provided about how or when the NQXT terminal might pivot toward hydrogen, skepticism remains high.
From a business standpoint, the acquisition bolsters APSEZ’s position in the Asia-Pacific logistics and commodities supply chain. For Adani, it offers long-term exposure to Queensland’s hydrogen ambitions, even if current infrastructure and policy alignment are not yet in place. However, the optics of acquiring a major coal terminal amid intensifying calls for decarbonization may undermine the company’s parallel claims of green leadership.
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