The News
The UAE’s national oil company, ADNOC, launched XRG, an international investment arm focused on lower-carbon energy and chemicals, and international gas assets, valued at $80 billion.
ADNOC said in a statement it plans to double the new entity’s assets over the next decade as it capitalizes on the energy transition, power demand from artificial intelligence, and growth in emerging markets.
Abu Dhabi has been expanding its crude capacity and LNG output domestically while building an international portfolio. This year, ADNOC agreed to acquire Germany’s chemical giant Covestro for $13 billion, finalized a majority stake in ammonia producer Fertiglobe, invested in LNG projects in Mozambique, and partnered with ExxonMobil on a US hydrogen plant.
Details on which of ADNOC’s existing international operations will be included in XRG weren’t disclosed. XRG will begin operations in the first quarter of 2025.