Latest news with #XRG
The National
5 hours ago
- Business
- The National
Abu Dhabi's XRG targets LNG and gas capacity of up to 25m tonnes a year by 2035
Adnoc's global energy investment arm XRG aims to have a gas and LNG business with capacity of between 20 to 25 million tonnes per annum by 2035 as it looks to scale up its operations globally. XRG's board, which includes Adnoc group managing director and chief executive Dr Sultan Al Jaber, former BP chief executive Bernard Looney and Blackstone's Jon Gray, approved a five-year business plan for the company on Monday. 'XRG is investing in the energy systems of the future – more integrated, more resilient, and responsive to global demand,' Dr Al Jaber, who is also the executive chairman of XRG, said. '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.' XRG was launched last year as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. In December, President Sheikh Mohamed endorsed the appointment of the board of directors for the new unit. Other members of the board include Mohamed Alsuwaidi, UAE Minister of Investment and managing director and chief executive of Abu Dhabi's holding company ADQ, and Nassef Sawiris, the executive chair of OCI Global. The board 'supported the assessment of potential upstream gas M&A and LNG opportunities to strengthen its North American gas position", the statement said. Last month, the UAE made an announcement to increase the value of its investments in the US energy sector to $440 billion by 2035, from the current $70 billion, during US President Donald Trump's visit to the Gulf countries. That is part of the UAE's plan to invest $1.4 trillion in the country. XRG bought a stake in NextDecade's Rio Grande liquefied natural gas export facility in Texas last year along with other acquisitions in Mozambique and Turkmenistan. The board also endorsed the 'company's ambition to create a top-three global chemicals platform", the statement said. '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 speciality segments.' In December, XRG announced the acquisition of the German chemicals company Covestro for an enterprise value of €14.7 billion ($15.3 billion). In March, Adnoc also agreed to terms of a binding agreement with Austria's OMV to merge their polyolefins business and create a $60 billion Borouge Group International. The board also 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". That comes amid growth in AI-linked power demand, particularly in the US, the statement added.
Asharq Al-Awsat
8 hours ago
- Business
- Asharq Al-Awsat
Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday. XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion. On Tuesday, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan. Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America, Reuters reported. ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in US natural gas in coming months. XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday. The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said. ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.
The National
9 hours ago
- Business
- The National
Abu Dhabi's XRG targets LNG and gas capacity of up to 25m tonnes per annum by 2035
Adnoc's global energy investment arm XRG aims to have a gas and LNG business with capacity of between 20 to 25 million tonnes per annum by 2035 as it looks to scale up its operations globally. XRG's board, which includes Adnoc group managing director and chief executive Dr Sultan Al Jaber, former BP chief executive Bernard Looney and Blackstone's Jon Gray, approved a five-year business plan for the company on Monday. 'XRG is investing in the energy systems of the future – more integrated, more resilient, and responsive to global demand,' Dr Al Jaber, who is also the executive chairman of XRG, said. '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.' XRG was launched last year as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. In December, President Sheikh Mohamed endorsed the appointment of the board of directors for the new unit. Other members of the board include Mohamed Alsuwaidi, UAE Minister of Investment and managing director and chief executive of Abu Dhabi's holding company ADQ, and Nassef Sawiris, the executive chair of OCI Global. The board 'supported the assessment of potential upstream gas M&A and LNG opportunities to strengthen its North American gas position", the statement said. Last month, the UAE made an announcement to increase the value of its investments in the US energy sector to $440 billion by 2035, from the current $70 billion, during US President Donald Trump's visit to the Gulf countries. That is part of the UAE's plan to invest $1.4 trillion in the country. XRG bought a stake in NextDecade's Rio Grande liquefied natural gas export facility in Texas last year along with other acquisitions in Mozambique and Turkmenistan. The board also endorsed the 'company's ambition to create a top-three global chemicals platform", the statement said. '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 speciality segments.' In December, XRG announced the acquisition of the German chemicals company Covestro for an enterprise value of €14.7 billion ($15.3 billion). In March, Adnoc also agreed to terms of a binding agreement with Austria's OMV to merge their polyolefins business and create a $60 billion Borouge Group International. The board also 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". That comes amid growth in AI-linked power demand, particularly in the US, the statement added.
Zawya
11 hours ago
- Business
- Zawya
XRG Board endorses five-year plan to accelerate global growth, deliver long-term value
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. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO, Executive Chairman of XRG, 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. Recognising 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.
Zawya
12 hours ago
- Business
- Zawya
XRG board endorses five-year plan to accelerate global growth and deliver long-term value
RELATED TOPICS ENERGY RELATED COMPANIES Blackstone DE Prometheus CBUAE DOF Abu Dhabi ADNOC Metatron Apps Borouge Covestro Osaka Gas Co Abu Dhabi Dev. 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.
