The enterprise value of XRG, the global investment arm of Abu Dhabi energy company ADNOC, has soared to $151 billion.
The figure — revealed by XRG Executive Chairman Sultan Al Jaber, who is also the UAE minister of industry and advanced technology and group CEO of ADNOC — nearly doubles the firm’s valuation from when it launched a year ago.
Assets include holdings in ADX-listed retail, gas, and drilling units that ADNOC transferred to XRG in September, as well as chemicals firm Fertiglobe, which together are worth around $100 billion. Its international portfolio include an 11.7% equity stake in an LNG project in Texas and a 35% holding in a nearby ExxonMobil hydrogen and ammonia project.
XRG aims to become a top-five player in global gas and LNG and a top-three in chemicals. It is in the final stages of a $17 billion takeover of German chemicals giant Covestro and remains interested in Australian gas supplier Santos — a deal that would vault it to among the top global gas players — Semafor scooped.