XRG board endorses five-year plan to accelerate global growth and deliver long-term value
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Directs XRG to build a top five integrated global gas and LNG business with 20–25 mtpa capacity by 2035
Supports assessment of upstream gas M&A and LNG expansion opportunities to strengthen North American gas position
Board mandates creation of top three global chemicals platform anchored by Borouge Group International and Covestro
XRG strategy includes investments in AI-linked power demand, energy infrastructure, and select low-carbon growth
Abu Dhabi, UAE – June 3 2025: The Board of Directors of XRG, the international energy investment platform launched by ADNOC in November 2024, today endorsed the company's five-year business plan for 2025–2030, reaffirming its commitment to accelerated growth and long-term value creation.
In its first six months, XRG has established itself as a differentiated global energy investor with an enterprise value exceeding $80 billion. The Board endorsed the plan to scale XRG's three core platforms – International Gas, Global Chemicals, and Energy Solutions.
His Excellency Dr. Sultan Ahmed Al Jaber, Executive Chairman of XRG and Managing Director and Group CEO of ADNOC, said: 'As we enter a new era shaped by artificial intelligence, digital infrastructure, and industrial growth, energy systems must evolve in both scale and sophistication. XRG is investing in the energy systems of the future – more integrated, more resilient, and responsive to global demand. With the Board's endorsement of our five-year business plan, we are scaling platforms in gas, chemicals, and energy solutions to drive long-term value and ensure energy remains a catalyst for sustainable growth and development.'
The Board directed XRG to build a top five integrated global gas and liquefied natural gas (LNG) business, targeting 20–25 million tons per annum of capacity by 2035 and supported the assessment of potential upstream gas M&A and LNG opportunities to strengthen its North American gas position. This follows recent acquisitions and partnerships in the United States (Rio Grande LNG), Mozambique (Area 4 Rovuma Basin), Egypt (Arcius Energy), Azerbaijan (Absheron), and Turkmenistan (Offshore Block I), enabling XRG to meet rising global demand for flexible, lower-carbon energy.
The Board also endorsed the company's ambition to create a top three global chemicals platform. Subject to respective regulatory approvals, the proposed formation of Borouge Group International and the proposed acquisition of Covestro anchors an industry leading portfolio across polyolefins, performance materials, and future specialty segments.
Recognizing the exponential growth in AI-linked power demand, particularly in the United States, the Board directed XRG through its Energy Solutions platform to expand its investments across the energy value chain while continuing to develop select opportunities in carbon capture and storage and low-carbon fuels such as biofuels and low-carbon hydrogen that align with attractive return profiles.
XRG will execute on its 2025–2030 business plan immediately, with continued focus on disciplined capital deployment, platform integration, and value chain expansion to support global industrial growth and the ongoing digital transformation.
Board Composition
Dr. Sultan Ahmed Al Jaber
Executive Chairman
Background: UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO. Dr. Al Jaber has over 25years' experience spanning the energy, industrial, investments, infrastructure, sustainability and advanced technology sectors and has been instrumental in helping to advance the UAE's energy diversification.
Mohamed Hassan Alsuwaidi
Board Member
Background: UAE Minister of Investment and Managing Director and CEO of ADQ. Alsuwaidi brings extensive investment experience across multiple sectors, including utilities, metals and mining, infrastructure, technology, and agriculture.
Dr. Ahmed Mubarak Al Mazrouei
Board Member
Background: Chairman of the President's Office for Strategic Affairs and Chairman of the Abu Dhabi Executive Office, Dr Al Mazrouei is a pivotal figure in the UAE's financial and economic governance.
Jassem Al Zaabi
Board Member
Background: Chairman of the Abu Dhabi Department of Finance, Chairman of the Board of e& and Vice Chairman of the UAE Central Bank. Al Zaabi's expertise spans finance, investment, technology, real estate and infrastructure.
Jon Gray
Board Member
Background: President & Chief Operating Officer of Blackstone. Mr. Gray is a globally recognized investor and long-serving leader at the largest alternative asset management firm. With more than $1T in AUM, Blackstone invests broadly across private equity, real estate, infrastructure, energy, secondaries, credit & insurance.
Nassef Sawiris
Board Member
Background: Executive Chair of OCI Global. Mr. Sawiris is a globally recognized investor and business leader with decades of experience in steering businesses across sectors including investment, commodities, construction, and infrastructure.
Bernard Looney
Board Member
Background: Chairman of Prometheus Hyperscale and former CEO of bp. Mr. Looney brings vast expertise across the global energy supply chain as well as investing in traditional and renewable energies.
About XRG:
XRG is a transformative international energy investment company, focused on natural gas, chemicals and scalable energy solutions to help power AI and industry globally. Headquartered in Abu Dhabi and wholly owned by ADNOC, XRG has an enterprise value of over $80 billion. XRG's portfolio includes operating and non-operating interests in industry-leading companies that are meeting the rapidly increasing global demand for energy and the chemicals that are essential to enable sustainable economic growth.
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