UAE Oil Giant Plans Natural Gas, Chemicals Investment Unit
- Abu Dhabi’s Adnoc to start new company called XRG in 1Q 2025
- Adnoc unit to focus on gas, chemicals and low-carbon energy
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The United Arab Emirates’s biggest oil producer will form an investment company for international natural gas, chemicals and low-carbon energy, three key businesses in the company’s global expansion push.
Abu Dhabi National Oil Co. will start the business, to be called XRG, in the first quarter of next year, according to a statement. The new firm will have an enterprise value of over $80 billion and will aim to more than double the value of its assets over the next decade.