ADNOC launches XRG energy and chemicals investment company

ADNOC has launched XRG, an international lower-carbon energy and chemicals investment company, which will start operations in Q1 2025 with an initial focus on developing three core platforms with a value of over US$80bn

XRG’s Global Chemicals platform will produce chemical and specialty products; its International Gas platform will build an integrated gas portfolio to help meet the anticipated increase in gas and LNG demand, while its Low Carbon Energies platform will invest in the solutions needed to meet increasing demand for low carbon energies and decarbonisation technologies. ADNOC envisages that the demand for these products will be driven by three megatrends: the transformation of energy, exponential growth of AI, and the rise of emerging economies, which could see XRG doubling its asset value over the next decade.

Dr Sultan Ahmed Al Jaber, ADNOC managing director and Group CEO, said: “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.’’

The establishment of the new companywas approved by President His Highness Sheikh Mohamed bin Zayed Al Nahyan at the annual meeting of the ADNOC Board of Directors.