Abu Dhabi National Oil Co. (ADNOC) has introduced XRG, a new investment company focused on lower-carbon energy and chemicals, with an enterprise value exceeding $80 billion.
XRG aims to more than double its asset value within the next decade by tapping into the rising demand for clean energy, driven by advances in AI technologies and the growth of emerging economies.
Operating independently, XRG plans to establish a global chemicals platform to produce and supply chemical and speciality products. Additionally, the company will develop an integrated gas portfolio and launch a low-carbon energy platform to address the increasing need for decarbonisation technologies.
“In line with our Board mandate to prioritise transformational growth, XRG marks a bold new chapter for ADNOC,” said Dr Sultan Ahmed Al Jaber, Managing Director and Group CEO, at ADNOC. “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.”
The venture’s name is short for Exergy, which means the maximum useful energy, or the potential of energy, it added.
XRG is set to begin operations in the first quarter of 2025.
