ADNOC has announced the launch of XRG, a groundbreaking international lower-carbon energy and chemicals investment company, with an enterprise value of over $80 billion, following the strategic approval by its Board.
XRG aims to more than double its asset value over the next decade by capitalizing on the 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.
HE Dr. Sultan Al Jaber UAE Minister of Industry & Advanced Technology MD & Group CEO – ADNOC
“In line with our Board mandate to prioritize transformational growth, XRG marks a bold new chapter for ADNOC. Building on our unrivaled 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.’’
Building on ADNOC’s expertise and transformational international acquisitions, the independently operated investment company will initially focus on developing three core strategic value platforms:
XRG’s Global Chemicals platform aims to be a top 5 global chemicals player, producing and delivering chemical and specialty products essential for modern life, to meet the projected 70 percent increase in global demand by 2050.
XRG’s International Gas platform will build a world-scale integrated gas portfolio to help meet the anticipated 15 percent increase in global natural gas demand over the next decade, as a lower carbon transition fuel, as well as meet the expected 65 percent increase in demand for LNG by 2050.
XRG’s Low Carbon Energies platform will invest in the solutions needed to meet the increasing demand for low-carbon energies and decarbonization technologies to drive economic growth through the energy transition. The market for low-carbon ammonia alone is expected to grow by between 70-90 million tonnes per annum by 2040, from close to zero now.
According to the statement, “XRG will formally commence activities in the first quarter of 2025. A global strategy day will be held in 2025.”
XRG
XRG is an international low-carbon energy and chemicals investment company, headquartered in Abu Dhabi. Wholly owned by ADNOC, XRG has an enterprise value of over $80 billion and an ambition to double its value by 2035. Its portfolio includes interests in industry-leading companies that are meeting rapidly increasing global demand for lower carbon energy and the chemicals that are essential building blocks for products central to modern life.
