His Highness the President Sheikh Mohamed Bin Zayed Al Nahyan chaired the ADNOC Board of Directors’ annual meeting.
At the meeting, which took place at ADNOC Headquarters, Sheikh Mohamed approved the establishment of XRG, a lower-carbon energy and chemicals investment firm, to boost ADNOC’s global expansion and create more value.
The ADNOC announced the establishment of XRG, a ground-breaking global lower-carbon energy and chemicals investment business with an enterprise value of more than $80 billion, subsequent to the Board’s strategic endorsement.
By leveraging the need for low-carbon energy and chemicals brought on by three megatrends—the transformation of energy, the exponential growth of artificial intelligence, and the rise of emerging economies—, XRG hopes to more than double its asset value over the next ten years.
At first, XRG will concentrate on investments that address the rising need for chemicals, natural gas, and low-carbon energy sources worldwide.
Sheikh Mohamed commended ADNOC for its success in fulfilling its international expansion plan and stated that XRG will build on these accomplishments and ADNOC’s energy and investment track record to provide the UAE with long-term, sustainable value.
The board approved ADNOC’s plan to use its In-Country Value (ICV) program to inject Dhs200 billion ($54.5 billion) into the UAE economy over the following five years.
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