ADNOC Moves US Gas and Green Energy Assets to its $80-Billion Investment Firm | OilPrice.com
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Breaking News:
Abu Dhabi’s ADNOC is moving some of its natural gas and green energy assets in the United States into its recently created $80-billion international energy investment company, the CEO of the national oil company of the United Arab Emirates says.
At the end of last year, the company pumping nearly all the oil of the UAE announced the launch of a new firm, XRG, an international lower-carbon energy and chemicals investment company with an enterprise value of over $80 billion.
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XRG was planned to formally commence activities in the first quarter of 2025.
Initially, XRG will focus on transformational global investments that create value across natural gas, chemicals, and lower-carbon energy solutions.
ADNOC is now shifting some of its U.S. gas and green energy stakes under the XRG umbrella, CEO Sultan Al Jaber wrote in a column for news website Semafor.
“Under the XRG umbrella, we are partnering with Exxon in the world’s biggest ammonia and hydrogen production facility in Texas; we are investing with NextDecade in the state’s largest liquefied natural gas facility; and through our acquisition of Covestro, we are supporting thousands of highly skilled US jobs in high-performance plastics and advanced polymers,” wrote Al Jaber, who is also the UAE’s minister of industry and advanced technology.
The official was discussing three megatrends that will drive a new energy era—emerging markets growth, energy systems transformation, and the surge of AI technology.
Over the past year, ADNOC has made several major acquisitions of stakes in U.S. projects.
The UAE energy giant agreed to buy a 35% stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.
ADNOC has also bought an 11.7% stake in Phase 1 of NextDecade’s Rio Grande LNG export project, also in Texas.
In another major deal in one of XRG’s priority investments, ADNOC agreed to buy Germany’s chemicals giant Covestro in a deal worth $15.2 billion (14.7 billion euros) including debt.
By Charles Kennedy for Oilprice.com
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