Adnoc on 12 December unveiled the board of directors for its new XRG subsidiary, which is taking over from Adnoc International as the firm’s overseas energy investment arm (MEES, 6 December). The new board is a real statement of intent, with a mix of prominent Emirati officials and international business leaders.
The most eye-catching appointment is Bernard Looney, CEO of UK major BP until earlier this year. During his tenure at BP he sought to radically reposition it for the energy transition, with a major emphasis on clean-energy sources. Still only 54, and with his BP tenure cut short, Mr Looney isn’t looking for a sinecure, and his appointment underlines the scale of XRG’s planned clean-energy focus. In a LinkedIn post, Mr Looney says “XRG has the scale, pace and ambition that characterizes the UAE and that is needed to lead the future of energy. I’m very much looking forward to getting started.” (CONTINUED - 286 WORDS)