{"id":88298,"date":"2024-11-28T00:00:00","date_gmt":"2024-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/28\/adnoc-launches-xrg-to-invest-in-low-carbon-energy-and-chemicals\/"},"modified":"2024-11-28T00:00:00","modified_gmt":"2024-11-28T00:00:00","slug":"adnoc-launches-xrg-to-invest-in-low-carbon-energy-and-chemicals","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/28\/adnoc-launches-xrg-to-invest-in-low-carbon-energy-and-chemicals\/","title":{"rendered":"Adnoc launches XRG to invest in low-carbon energy and chemicals"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><\/strong><strong>Adnoc launches USD 80 bn investment company: <\/strong>Abu Dhabi National Oil Company (Adnoc) launched XRG, an international investment company focused on lower-carbon energy and chemicals, with an investment value over USD 80 bn, according to a <a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/en\/news-and-media\/press-releases\/2024\/adnoc-launches-xrg\" style=\"\" rel=\"noopener\">press release<\/a>. The company plans to double its asset value over the next decade, and will hold a global strategy day sometime next year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>XRG is set to begin operations in 1Q 2025 <\/strong>and will focus on developing three core platforms: <\/p>\n<ul>\n<li><strong>The low carbon energies platform<\/strong> will invest in solutions for low-carbon energies and decarbonization technologies, backed by forecasts for the low-carbon ammonia market to reach between 70-90 mn tonnes per annum by 2040, up from near-zero levels currently.<\/li>\n<li><strong>The chemicals platform<\/strong> aims to position XRG among the top five global chemicals producers, targeting a 70% increase in global demand for chemical and specialty products by 2050;<\/li>\n<li><strong>The international gas <\/strong><strong>platform <\/strong>will develop an integrated gas portfolio, anticipating a 15% increase in global natural gas demand over the next decade and a 65% increase in liquefied natural gas demand by 2050;<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Adnoc has been expanding its chemicals and low-carbon energy business in recent months:<\/strong> The state-run oil giant finalized its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/96f6ebe0-39ca-4c3f-9335-0f71dbdf5283\" style=\"\" rel=\"noopener\">USD 3.62 bn<\/a> acquisition of OCI Global's 50%+1 stake in the chemical producer Fertiglobe last month. It also made a public takeover offer earlier in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/7949741c-a0d2-4436-bf55-3edd518bd8e6\/adnoc-seals-covestro-takeover-in-largest-investment-from-middle-east-player-in-europe\" style=\"\" rel=\"noopener\">October<\/a> to acquire German chemicals company Covestro for EUR 14.7 bn, which is expected to close soon. The company is also looking to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4712abb5-5e8f-4d08-82b0-c44edac0dea7\/adnoc,%253cmark%253e-borouge%253c%2Fmark%253e-to-develop-polyolefins-complex-in-china\" style=\"\" rel=\"noopener\">merge<\/a> its plastics unit Borouge with Austria-based integrated oil and gas company OMV\u2019s Borealis, but the transaction is facing delays. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company aims to double its USD 80 bn value in the next decade<\/p>\n","protected":false},"author":1,"featured_media":88299,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[152],"tags":[80,74,11,151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-adnoc","tag-decarbonization","tag-enterpriseclimate","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"89f72ab6-61c3-409c-a5af-1b60d23e14c7","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1515.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc launches XRG to invest in low-carbon energy and chemicals","related_issue":[88293],"teaser":"The company aims to double its USD 80 bn value in the next decade","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.18b8b775-de41-4622-b3f5-0a36af5455ae.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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