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Home World News Middle East

ADNOC launches $80bn lower-carbon energy, chemicals investment entity

November 28, 2024
in Middle East
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Image: ADNOC

The Abu Dhabi National Oil Company (ADNOC) has launched XRG, an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80bn.

XRG will focus on capitalising on the increasing demand for low-carbon energy and chemicals, driven by three key megatrends: the transformation of the energy sector, the rapid growth of artificial intelligence (AI), and the rise of emerging economies.

This move marks ADNOC’s commitment to expanding its portfolio into cleaner energy solutions, building on the company’s extensive track record in energy production and international investments.

Strategic focus areas for XRG

XRG’s growth strategy is built on three core platforms:

  1. Global chemicals platform: XRG aims to become one of the top five global players in the chemicals sector, producing chemical and speciality products critical to modern life. With global chemical demand projected to increase by 70 per cent by 2050, XRG plans to meet this demand by focusing on sustainable and efficient production methods.
  2. International gas platform: XRG will build a world-scale integrated gas portfolio to meet the expected 15 per cent growth in global natural gas demand over the next decade. This platform is designed to support natural gas’s role as a lower-carbon transition fuel. Additionally, XRG will target the growing demand for liquefied natural gas (LNG), which is projected to rise by 65 per cent by 2050.
  3. Low-carbon energies platform: This platform will focus on investments in low-carbon energy solutions and decarbonisation technologies, driving economic growth and enabling the energy transition. A key opportunity in this space is the market for low-carbon ammonia, which is expected to grow significantly, from almost zero today to between 70-90 million tonnes per year by 2040.

Supporting ADNOC’s vision

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC’s MD and group CEO emphasised the importance of XRG as a key part of ADNOC’s long-term growth strategy.

“In line with our board mandate to prioritise transformational growth, XRG marks a bold new chapter for ADNOC. Building on our unrivalled track record in energy and investments, our 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 worldwide,” Dr Al Jaber stated.

“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,” he added.

XRG will formally begin operations in Q1 2025. The company will hold a ‘Global Strategy Day’ next year to provide further details on its plans and objectives.

Read: ENEC, ADNOC to explore nuclear technology for O&G sector


Tags: abu dhabiadnoclow-carbon energies platformxrg
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