ADNOC launches lower-carbon energy and chemicals investment company
Published by Poppy Clements,
Assistant Editor
Hydrocarbon Engineering,
Building on ADNOC’s expertise and transformational international acquisitions, the independently operated investment company will initially focus on developing three core strategic value platforms:
• XRG’s Global Chemicals platform aims to be a top 5 global chemicals player, producing and delivering chemical and specialty products essential for modern life, to meet the projected 70% increase in global demand by 2050.
• XRG’s International Gas platform will build a world-scale integrated gas portfolio to help meet the anticipated 15% increase in global natural gas demand over the next decade, as a lower carbon transition fuel, as well as meet the expected 65% increase in demand for LNG by 2050.
• XRG’s Low Carbon Energies platform will invest in the solutions needed to meet increasing demand for low carbon energies and decarbonisation technologies to drive economic growth through the energy transition. The market for low carbon ammonia alone is expected to grow by between 70 - 90 million tpy by 2040, from close to zero now.
Dr Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, said: “In line with our Board mandate to prioritise transformational growth, XRG marks a bold new chapter for ADNOC. Building on our unrivalled track record in energy and investments, network of global partners, and strategic market access, XRG will drive sustainable economic growth, foster technological innovation, and deliver the energy and products needed to improve lives around the world. We are committed to delivering long-term value for our stakeholders and reinforcing Abu Dhabi and the UAE’s role as a global energy and chemicals leader."
XRG will formally commence activities in Q125. A global strategy day will be held in 2025.
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/28112024/adnoc-launches-lower-carbon-energy-and-chemicals-investment-company/
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