The Abu Dhabi National Oil Company (Adnoc) has launched XRG, an international investment company focused on lower-carbon energy and chemicals, with an enterprise value exceeding $80 billion.
XRG’s launch is part of Adnoc’s strategy to expand its portfolio and capitalize on the growing demand for sustainable energy solutions.
The company aims to more than double its asset value over the next decade by focusing on three key areas: global chemicals, international gas, and low-carbon energies.
The global chemicals platform will position XRG as a top player in the industry, with plans to meet the anticipated 70% increase in global demand for chemicals by 2050.
XRG’s international gas platform will focus on building an integrated gas portfolio to meet the projected 15% increase in global natural gas demand over the next decade, as well as the expected 65% growth in demand for liquefied natural gas (LNG) by 2050.
In the low-carbon energy sector, XRG will invest in the technologies needed to drive the global transition to sustainable energy and decarbonization, supporting economic growth through these solutions.
The company will also focus on the rapidly growing low-carbon ammonia market, which is expected to increase by 70-90 million tonnes annually by 2040.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and CEO of Adnoc, said XRG is key to the company’s long-term growth strategy. “XRG is a bold new chapter for Adnoc, enabling us to capitalize on the transformational growth in the global energy sector,” he said. “Leveraging our track record and global partnerships, we will drive sustainable growth, foster technological innovation, and deliver the energy and products that improve lives around the world.”
Al Jaber also reiterated Adnoc’s commitment to supporting Abu Dhabi and the UAE’s position as a global leader in energy and chemicals.
XRG is set to begin operations in the first quarter of 2025, with a focus on scaling its platforms and driving impactful growth in the global lower-carbon energy and chemicals markets.
