ADNOC  アブダビ国営石油会社

November 27, 2024 – Following the Board’s strategic endorsement, ADNOC today announced the launch of XRG, a groundbreaking international lower-carbon energy and chemicals investment company, with an enterprise value of over $80 billion.

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. Building on ADNOC’s expertise and transformational international acquisitions, the independently operated investment company will initially focus on developing three core strategic value platforms:

• XRG’s Global Chemicals platform aims to be a top 5 global chemicals player, producing and delivering chemical and specialty products essential for modern life, to meet the projected 70% increase in global demand by 2050.

• XRG’s International Gas platform will build a world-scale integrated gas portfolio to help meet the anticipated 15% increase in global natural gas demand over the next decade, as a lower carbon transition fuel, as well as meet the expected 65% increase in demand for LNG by 2050.

• XRG’s Low Carbon Energies platform will invest in the solutions needed to meet increasing demand for low carbon energies and decarbonization technologies to drive economic growth through the energy transition. The market for low carbon ammonia alone is expected to grow by between 70-90 million tonnes per annum by 2040, from close to zero now. 

bp and XRG today announced they have reached financial close and completed formation of their new joint venture and international natural gas platform – Arcius Energy.

Announced in February 2024, Arcius Energy is 51% owned by bp and 49% by XRG, ADNOC’s transformative investment company. The new joint venture will combine the pair’s deep technical capabilities and proven development track records as it aims to grow a highly competitive gas portfolio.

 

Arcius Energy, initially to operate in Egypt, includes interests assigned by bp across two development concessions, as well as exploration agreements. 

 H.E. Dr. Sultan Ahmed Al Jaber, Executive Chairman of XRG said: “The formation of Arcius Energy marks an exciting new chapter in our long-standing partnership with bp, and fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a world-scale integrated gas and chemicals portfolio to meet rising global demand. This progressive partnership will unlock a lower-carbon transition fuel to build a future where smarter, cleaner and more affordable energy is accessible for Egypt and the world."

Murray Auchincloss, chief executive of bp, added: “Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region. ADNOC, and now XRG, is a trusted partner, who we have worked with successfully for over five decades. Together, we can continue to build on bp’s 60 years of technical expertise and delivery of safe and efficient operations in Egypt – a hub for new opportunities to build out a highly competitive gas portfolio in the region.” 

Senior Arcius Energy leadership were also appointed as part of the company’s formation. Naser Saif Al Yafei was appointed as Chief Executive Officer while Katerina Papalexandri was appointed as Chief Financial Officer. Both executives, from ADNOC and bp respectively, bring decades of experience in the energy sector.