Energy BP and Adnoc launch joint gas platform Arcius Energy By Chris Hamill-Stewart December 16, 2024, 6:58 PM Amr Alfiky/Reuters Murray Auchincloss, CEO of BP, said the partnership will build on the company's '60 years of technical expertise' Arcius 51% owned by BP, 49% Adnoc Venture to begin operations in Egypt Former Adnoc VP appointed CEO BP and XRG, the new lower carbon energy and chemicals investment company set up by Abu Dhabi National Oil Company (Adnoc), have completed the formation of a joint venture named Arcius Energy. The new venture, 51 percent owned by BP and the remaining 49 percent by XRG, will focus on international gas operations. It will start operations in Egypt, and includes interests assigned by BP across two development concessions, as well as exploration agreements. Murray Auchincloss, chief executive of BP, said: “Together, we can continue to build on BP’s 60 years of technical expertise and delivery of safe and efficient operations in Egypt – a hub for new opportunities to build out a highly competitive gas portfolio in the region.” Former BP boss named on Adnoc’s investment board Adnoc’s XRG to take over Germany’s Covestro Adnoc Gas strikes LNG supply deal with Petronas Naser Saif Al Yafei, who was senior vice-president for strategy and sustainability at Adnoc, has been appointed CEO of Arcius Energy. XRG, which will officially start operations in the first quarter of 2025, aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy and chemicals. In June this year BP bought a 10 percent stake in Adnoc’s planned Ruwais LNG project, which includes two liquefaction trains with a total annual capacity of 9.6 million tonnes. Bernard Looney, the former CEO of BP, is an XRG board member.
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