Adnoc announced the establishment of XRG on 27 November, describing it as a “groundbreaking international lower-carbon energy and chemicals investment company, with an enterprise value of over $80bn.” Beyond stating that it will initially focus on three core strategic platforms – Global Chemicals, International Gas, and Low Carbon Energies (see table 1) – little information regarding its planned activities has been provided yet. More clarity is expected following a global strategy day to be held next year.
Given the international focus of XRG, its formation clearly demonstrated that it is taking on the role previously held by Adnoc International, which was formed in 2015. Adnoc International’s Chairman is Adnoc CEO Sultan al-Jaber, its CEO is Mohamed al-Aryani, and its board contains a number of senior Adnoc officials who will likely remain on the XRG board (see table 2). (CONTINUED - 1117 WORDS)
