The Board of Directors of XRG, the international energy investment company launched by ADNOC in November 2024, convened to assess the company’s progress on its disciplined investment strategy and to provide guidance on the execution of its five-year business plan.
The meeting, held in New York, marked XRG’s first Board gathering outside the UAE and featured a detailed update on its International Gas platform. Discussions covered the company’s expanding presence in the United States (US), underscored by its recent acquisition of an 11.7 percent stake in Phase 1 of the Rio Grande LNG project. The project, among the largest LNG export infrastructure developments in the US, is advancing construction of Trains 1–3 and has recently achieved Final Investment Decision (FID) on Train 4.
The Board also reviewed progress on Energy Solutions, specifically the development of ExxonMobil’s Baytown low-carbon hydrogen and ammonia facility in Texas, where XRG holds a 35 percent equity share. Updates were shared on XRG’s broader plans to invest in US energy infrastructure, particularly to meet surging demand driven by AI and digitalisation. Additionally, the Board was briefed on XRG’s Global Chemicals expansion strategy, which includes the creation of Borouge Group International and a potential acquisition of Covestro.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), and Executive Chairman of XRG, said, “In under a year, XRG has strategically deployed capital through a responsible and disciplined investment approach, targeting long-term, value-creation opportunities across the energy value chain.”
“With clear direction from our Board, we’re building on strong momentum – focusing on investment-friendly jurisdictions, including the US, which are aligned with XRG’s mission to maximise energy value. By partnering with public and private entities, we’re positioning XRG to be at the forefront of powering global energy systems to drive sustainable economic growth.”
The US continues to be a key driver of the global energy market, with gas demand remaining strong thanks to robust industrial activity and the rapid expansion of data centres. As the world’s largest exporter of LNG, the US is expected to sustain its growth, contributing nearly 30 percent of incremental global LNG supply through 2050.
On a global level, XRG has established a geographically diverse and resilient gas portfolio, completing four successful transactions across Africa and Asia, alongside two landmark deals that will place XRG among the top three global chemicals investors.
The Board was further briefed on XRG’s efforts to expand its international footprint, with offices already established in key markets including Washington, D.C.; Baku, Azerbaijan; Maputo, Mozambique; and Ashgabat, Turkmenistan. This growing presence highlights XRG’s long-term commitment to the communities where it operates and its strategy to solidify its position as a global energy leader.
(Inputs from WAM)
