ABU DHABI: The Abu Dhabi National Oil Company (ADNOC) launched a new lower-carbon energy and chemicals investment arm to manage international assets worth over $80 billion, building a powerhouse that it hopes will accelerate overseas growth.
President His Highness Sheikh Mohamed bin Zayed Al Nahyan approved the launch of XRG during the annual meeting of ADNOC’s board of directors held at its headquarters. XRG will initially focus on investments that meet the growing global demand for natural gas, chemicals and low carbon energies, it said.
“We are investing across three platforms – Chemicals, Gas, and Low Carbon Energies – on an unprecedented scale, building on a $80 billion portfolio of assets to enable a smarter, cleaner, and more sustainable energy future.”
“XRG aims to more than double its asset value over the next decade by capitalsing on demand for low-carbon energy and chemicals driven by three megatrends: the transformation of energy, exponential growth of AI, and the rise of emerging economies,” it said in a statement, while adding that XRG will formally commence activities in Q1 2025, with a global strategy day to be held then.
His Highness praised ADNOC for its achievements in delivering on its international growth strategy and noted that XRG will build on these achievements and ADNOC’s track record in energy and investments to deliver long-term sustainable value for the UAE.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), said, “In line with our Board mandate to prioritise transformational growth, XRG marks a bold new chapter for ADNOC.
“Building on our unrivalled track record in energy and investments, network of global partners, and strategic market access, XRG will drive sustainable economic growth, foster technological innovation, and deliver the energy and products needed to improve lives around the world. We are committed to delivering long-term value for our stakeholders and reinforcing Abu Dhabi and the UAE’s role as a global energy and chemicals leader.”
