XRG: ADNOC's International Energy and Chemicals Investment Powerhouse
XRG is the international investment arm and global energy company launched by Abu Dhabi National Oil Company (ADNOC) , representing a strategic rebranding and consolidation of ADNOC's overseas investment operations. Originally established as ADNOC International Limited, the company officially rebranded as XRG P.J.S.C. in May 2025 and was formally launched on November 27, 2024.
Overview and Enterprise Value
XRG operates as an independently managed investment company with an enterprise value exceeding $80 billion, positioning it as a major international player in the lower-carbon energy and chemicals sectors. The company serves as ADNOC's vehicle for consolidating its global investments, operating separately from the parent company while remaining wholly owned by ADNOC.
Strategic Focus and Three Core Platforms
XRG operates across three primary business platforms:
Global Chemicals Platform aims to become a top five global chemicals player, targeting the production and delivery of chemical and specialty products essential for modern life. This platform addresses the projected 70% increase in global demand for chemicals by 2050 and includes major strategic initiatives such as the acquisition of German chemical manufacturer Covestro (valued at €14 billion including debt) and stakes in polyolefins producers.
International Gas Platform focuses on building a world-scale integrated gas and liquefied natural gas (LNG) portfolio. XRG targets gas and LNG capacity of 20 to 25 million metric tons per year by 2035, addressing the anticipated 15% increase in global natural gas demand over the next decade and the expected 65% increase in LNG demand by 2050. The company has made significant investments including an 11.7% stake in the Texas-based Rio Grande LNG project.
Energy Solutions Platform (formerly known as the Low Carbon Energies platform) invests in cleaner energy solutions, including low-carbon ammonia and energy systems supporting artificial intelligence and digital economy demand. This platform reflects XRG's commitment to addressing energy requirements driven by technological advancement and sustainable economic growth.
Growth Strategy and Ambitions
XRG has an ambitious growth strategy aimed at more than doubling its asset value over the next decade by capitalizing on three major megatrends: the transformation of energy systems, exponential growth of artificial intelligence, and the rise of emerging economies. The board of directors, comprising notable industry figures including former BP CEO Bernard Looney and Jon Gray from Blackstone, oversees the company's strategic direction.
Major Strategic Transactions
The company has executed several transformational transactions to consolidate ADNOC's international holdings: In September 2025, ADNOC transferred its equity stakes in listed companies to XRG, and in November 2025, ADNOC announced the transfer of its 24.9% shareholding in Austrian petrochemical group OMV to XRG. Additionally, XRG is poised to hold ADNOC's 46.94% interest in the proposed Borouge Group International, a new entity combining Borouge, Borealis, and NOVA Chemicals to create a top-four global polyolefins producer.
Operational Scale and Geographic Presence
With 201-500 employees and operations managed through internal teams, XRG has expanded its geographic footprint to key energy and investment markets, including the United States, Mozambique, and Europe. The company has also signaled significant investment intentions in U.S. natural gas operations, aligning with the UAE's broader plan to escalate energy investments in the United States to $440 billion over the next decade.
