ADNOC’s newly established entity, XRG, aims to more than double its asset value within the next ten years. Credit: Mamun_Sheikh/Shutterstock.

ADNOC has announced the launch of XRG, a new international investment company specialising in lower-carbon energy and chemicals, with an enterprise value exceeding $80bn (Dh293.8bn).

The company will leverage the growing demand for sustainable energy solutions and chemicals, aligning with global megatrends.

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ADNOC’s newly established entity, XRG, aims to more than double its asset value within the next ten years.

This ambitious growth is driven by the global energy transformation, the exponential growth of AI and the economic expansion of emerging markets.

XRG will operate independently, drawing on ADNOC’s extensive experience in international acquisitions.

It is scheduled to formally commence its operations in the first quarter of 2025, with a global strategy day planned for the same year.

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The company’s initial strategy will include the development of three core platforms: Global Chemicals, International Gas and Low Carbon Energies. Each platform is designed to address specific market demands and contribute to the overall growth trajectory of XRG.

The Global Chemicals platform within XRG aspires to rank among the top five global chemical players. It will focus on producing and delivering essential chemical and specialty products to meet the expected 70% surge in global demand by 2050.

XRG’s International Gas platform will construct an integrated gas portfolio of world-class scale. This initiative aims to cater to the projected 15% rise in global natural gas demand over the next decade and the anticipated 65% increase in demand for liquefied natural gas by 2050, positioning natural gas as a pivotal lower-carbon transition fuel.

The Low Carbon Energies platform of XRG will channel investments into low-carbon energy solutions and decarbonisation technologies. These investments are crucial to accommodate the growing market for low carbon energies, including the expected growth in low carbon ammonia, which is projected to increase by 70–90 million tonnes per annum by 2040, up from nearly zero currently.

ADNOC managing director and group CEO Sultan Ahmed Al Jaber said: “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, 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.”

Bloomberg recently reported that ADNOC is considering the sale of a 3–5% stake in Adnoc Gas.