ADNOC launches $80-billion international investment arm XRG

ABU DHABI, November 27, 2024 – ADNOC has launched XRG, an international investment arm worth more than USD 80 billion targeting lower-carbon energy and chemicals, the UAE company said on Wednesday.

The company will have three core platforms focused on chemicals, natural gas and low-carbon energies.

The global chemicals platform aims to be among the top five chemicals players worldwide and seeks to meet the projected 70% increase in global demand by 2050.

The International Gas platform will build a world-scale integrated gas portfolio in view of the anticipated 15% increase in global natural gas demand over the next decade and the expected 65% increase in demand for LNG by 2050.

Lastly, the Low Carbon Energies platform will invest in low-carbon energy solutions and decarbonisation technologies.

Overall, XRG will be driven by “the transformation of energy, exponential growth of AI, and the rise of emerging economies,” ADNOC said.

“XRG marks a bold new chapter for ADNOC,” ADNOC managing director and group CEO Dr Sultan Ahmed Al Jaber 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.’’

XRG will formally commence activities in Q1 2025.

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