Adnoc recently announced the establishment of XRG, a specific investment group for natural gas, chemicals, and low-carbon energy solutions. It is established as a stand-alone, more than $80 billion value entity-a crucial piece of Adnoc’s strategy of full energy transformation and capitalization on clean diversified sources of energy in global consumption.
Set to begin operations at the beginning of 2025, XRG is set to spearhead growth in internationalization for the Adnoc. The proposed initiative will see the target value of its assets doubled through the next decade as investments in core sectors are transformational. This is part and parcel of the United Arab Emirates’ efforts to expand its worldwide presence in sustainable energy solutions.
Adnoc has announced its acquisition of Covestro, one of the world’s leading chemical companies, for $13 billion, marking the second major acquisition by the Abu Dhabi-based oil company in less than six months. The UAE’s largest oil producer balances its traditional energy operations with low-carbon and sustainable energy technologies through XRG, thus paving the way for a greener future.
The establishment of XRG marks a new dimension of Adnoc’s strategy. It reflects the strategic progression of a regional oil leader to becoming a global energy powerhouse. With plans on utilizing significant expertise and resources, XRG is supposed to significantly feature in challenges and opportunities created by the modern energy landscape.
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