{"id":83148,"date":"2024-12-17T00:00:00","date_gmt":"2024-12-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/17\/adnocs-xrg-makes-its-first-investment\/"},"modified":"2024-12-17T00:00:00","modified_gmt":"2024-12-17T00:00:00","slug":"adnocs-xrg-makes-its-first-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/17\/adnocs-xrg-makes-its-first-investment\/","title":{"rendered":"Adnoc\u2019s XRG makes its first investment"},"content":{"rendered":"

Adnoc\u2019s new low-carbon energy investment arm XRG and BP are set to launch a new <\/strong>joint venture <\/strong>and gas platform, Arcius Energy<\/strong>, with an initial focus on investing in gas assets in Egypt, according to statements here (pdf)<\/a> and here<\/a>. The JV marks XRG\u2019s first since its launch last month<\/a>. The value of investments set for the JV and its operational start date were not disclosed.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The details:<\/strong> XRG will own a minority stake of 49% in the joint venture, while BP will own a majority 51% stake. The platform is set to invest in lower-carbon transition fuel, making \u201csmarter, cleaner and more affordable energy accessible for Egypt and the world,\u201d said Executive Chairman of XRG and Industry and Advanced Technology Minister Sultan Ahmed Al Jaber. <\/p>\n

Arcius' concessions in Egypt include<\/strong> a 10% interest in the Shorouk offshore concession, containing the giant Zohr field operated by Eni, and 100% of North Damietta, containing Pharaonic Petroleum Company\u2019s Atoll field, the statement said. It also holds exploration concessions for North El Tabya, Bellatrix-Seti East and North El Fayrouz concessions. <\/p>\n

Bringing in big guns\u2026 : <\/strong>Adnoc\u2019s Senior VP of Strategy and Sustainability Nasser Al Yafei has been appointed as Arcius Energy\u2019s CEO, while VP of gas and low carbon energy growth Katerina Papalexandri has been appointed as the firm\u2019s CFO. <\/p>\n

This is not the first we\u2019ve heard of this:<\/strong> Adnoc and BP agreed in February<\/a> to form a JV that targets the development of natural gas assets in Egypt. <\/p>\n

Refresher: <\/strong>Adnoc launched XRG in November as its international lower-carbon energy and chemicals investment arm, with an enterprise value of over USD 80 bn. It is set to begin operations in 1Q 2025 and will focus on developing three core platforms: a chemicals platform, an international gas platform, and a low carbon energies platform.<\/p>\n

IN OTHER ADNOC NEWS- <\/p>\n

Adnoc inked a 15-year lower-carbon LNG supply agreement with<\/strong> Germany\u2019s energy infrastructure company EnBW for its Ruwais project<\/strong>, according to a press release<\/a>. The agreement is effective from 2028, upon the start of Ruwais project\u2019s commercial operations. The Emirati gas giant is set to provide EnBW 0.6 mn tonnes a year (mtpa) of LNG. The two sides signed a preliminary agreement for the LNG purchase back in May<\/a>. This marks the third SPA agreement for the Ruwais LNG project.<\/p>\n

Germany\u2019s a big buyer of the UAE\u2019s LNG: <\/strong>The agreement comes after a separate sales and purchase agreement was inked in November to supply Germany\u2019s SEFE with 1 mtpa of LNG. The UAE and Germany also signed a Joint Declaration of Intent for Sustainable Energy Cooperation<\/a> in February of this year. <\/p>\n","protected":false},"excerpt":{"rendered":"

Adnoc\u2019s new low-carbon energy investment arm XRG and BP are set to launch a new joint venture and gas platform, Arcius Energy, with an initial focus on investing in gas assets in Egypt, according to statements here (pdf) and here. The JV marks XRG\u2019s first since its launch last month. The value of investments set […]<\/p>\n","protected":false},"author":1,"featured_media":83149,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[45],"tags":[183,44,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-adnoc","tag-investment-watch","tag-uae","wpautop","entry"],"acf":{"mongo_id":"65fea930-6223-4410-9854-30d111bd687a","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2072.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc\u2019s XRG makes its first investment","related_issue":[83136],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.d1affcb1-f462-4fb6-a02b-cfcfef1b03a1.mp3"},"yoast_head":"\nAdnoc\u2019s XRG makes its first investment - Logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/logistics\/2024\/12\/17\/adnocs-xrg-makes-its-first-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adnoc\u2019s XRG makes its first investment\" \/>\n<meta property=\"og:description\" content=\"Adnoc\u2019s new low-carbon energy investment arm XRG and BP are set to launch a new joint venture and gas platform, Arcius Energy, with an initial focus on investing in gas assets in Egypt, according to statements here (pdf) and here. 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