Following the strategic approval of the Council, ADNOC announced the launch of XRG, an innovative international low-carbon energy and chemicals investment company with an enterprise value of more than $80 billion.
XRG aims to more than double the value of its assets over the next decade by capitalizing on the demand for low-carbon energy and chemicals driven by three megatrends: the energy transformation, the exponential growth of AI, and the rise of emerging economies. Building on ADNOC’s expertise and transformative international acquisitions, the independently operated investment company will initially focus on developing three core strategic value platforms.
XRG’s Global Chemicals platform aims to become one of the top five global chemicals players, producing and supplying chemicals and specialty products essential to modern life, to meet the projected 70% increase in global demand by 2050.
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XRG’s international gas platform will create an integrated global gas portfolio to help meet the projected 15% increase in global demand for natural gas over the next decade, as a lower-carbon transition fuel, as well as to meet the projected 65% increase in LNG demand by 2050.
XRG’s low carbon energy platform will invest in the solutions needed to meet the growing demand for low carbon energy and decarbonization technologies to drive economic growth through the energy transition. The low-carbon ammonia market is expected to grow to between 70 and 90 million tonnes annually by 2040, up from almost zero today.
XRG aims to more than double the value of its assets in the next decade by capitalizing on demand for low-carbon energy and chemicals
In the words of Dr. Sultan Ahmed Al Jaber, Managing Director and CEO of ADNOC Group: “In line with our Board’s mandate to prioritize transformational growth, XRG marks a bold new chapter for ADNOC. Building on our unparalleled track record in energy and investments, our network of global partners and our strategic access to markets, XRG will drive sustainable economic growth, foster technological innovation and provide the energy and products needed to improve the lives of people. people all over the world. “We are committed to delivering long-term value to our stakeholders and strengthening Abu Dhabi and the UAE’s role as a global leader in energy and chemicals.”
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