Oil & Gas Adnoc moves its US investments to XRG By Reuters February 5, 2025, 2:55 PM Nabila Eltigi/Reuters A robotic fuelling arm demonstration by Adnoc, whose investments in the US now sit within XRG Abu Dhabi National Oil Company’s investments in the US now sit within its new international investment arm, XRG, Adnoc’s CEO said on Tuesday, as the oil giant moves to build up a business focused on lower carbon energy and chemicals. The US investments are in an ExxonMobil hydrogen plant and in NextDecade’s liquefied natural gas (LNG) facility. Adnoc announced the formation of XRG in November, saying the company would be worth more than $80 billion. XRG will also be the majority owner of the German chemicals maker Covestro after its shareholders approved a takeover offer, according to Reuters, worth €14.7 billion ($15.22 billion), including debt. XRG also set up a joint venture with BP in Egypt, initially focused on gas. How Adnoc’s XRG will achieve its bold investment ambitions Proposed Adnoc-OMV entity targets Mubadala unit Something old, something new: GCC energy trends in 2025 Adnoc said in September that it would acquire a 35 percent stake in a planned ExxonMobil large-scale hydrogen plant in Texas, which could also produce ammonia. Last May, Adnoc bought an 11.7 percent stake in NextDecade’s Rio Grande LNG export facility in Texas and entered a supply agreement. Adnoc chief executive Sultan Al Jaber recently said that growing emerging markets, the shift in energy systems and the “exponential growth of artificial intelligence” were mega-trends that would change the future and drive energy demand. A diverse set of energy options is needed, including more gas over the next decade to power data centres and more chemicals to provide liquid coolants for such systems, he said.
