ADNOC has announced a ground-breaking international lower-carbon energy and chemicals investment company, with an enterprise value of over $80bn.

XRG will aim to more than double its asset value over the next decade by capitalising on the demand for low-carbon energy and chemicals. The three factors driving demand are energy transformation, the growth of artificial intelligence and the rise of emerging economies.

The Abu Dhabi National Oil Company started a new unit to invest in natural gas, chemicals and low-carbon energies, as it aims to capitalize on growing international demand and become a fully integrated energy company.

Abu Dhabi National Oil Company ( ADNOC) announced Wednesday that it is launching a new lower carbon energy and chemicals company called XRG, with a value of at least $80 billion, to capitalize on the growing demand for clean energy.

United Arab Emirates state oil group ADNOC on Wednesday announced the launch of XRG, an investment company focusing on lower-carbon energy and chemicals, valued at more than $80 billion.

ADNOC added about the new investment company, “XRG aims to more than double its asset value over the next decade by capitalizing on demand for low-carbon energy and chemicals driven by three megatrends: the transformation of energy, exponential growth of AI, and the rise of emerging economies”.

Emirati state giant has been diversifying its international portfolio, eyeing a wider role in the liquefied natural gas value chain, low-carbon, as well as in chemicals and fertilisers

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The United Arab Emirates’ state energy company is weighing plans to sell a further stake in its gas business, according to people familiar with the matter.

The Abu Dhabi National Oil Company started a new unit called XRG to invest in natural gas, chemicals and low-carbon energies to support its international growth and drive value.