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The UAE energy giant Abu Dhabi National Oil Co. (ADNOC) has rolled out a new lower-carbon energy and chemicals investment company XRG, with an enterprise value of over $80 billion.
XRG is expected to more than double its asset value over the next decade by capitalising on demand for clean energy, which it says will be driven further by a growth in AI technologies, and the rise of emerging economies.
The independently operated company will focus on building a global chemicals platform to produce and deliver chemical and specialty products.
XRG will also build an integrated gas portfolio and launch a low carbon energies platform to meet demand for decarbonization technologies.
XRG will formally commence activities in Q1 2025.
(Reporting by Bindu Rai, editing by Daniel Luiz)
