Khaled Sheikh chairs Adnoc's board meeting, with the company planning to broaden its horizons through XRG's international expansion.
In a significant move, the Abu Dhabi National Oil Company (Adnoc) has announced plans to transfer its stake in Austrian energy company OMV to XRG, a global lower-carbon energy and chemicals investment company. This potential transaction is part of Adnoc's strategic investment plans aimed at fostering global investments and transitioning towards low-carbon energy sources.
The announcement comes as Adnoc continues to harness the nation's oil and gas resources responsibly, creating lasting value. Sheikh Khaled bin Mohamed, the Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, is leading this strategic shift.
During a meeting of Adnoc's board, the focus was on international expansion through new deals. The meeting reviewed Adnoc's ongoing de-risking of the emirate's vast unconventional resources, particularly the unconventional gas development in Abu Dhabi, including across the Ruwais Diyab field.
XRG, launched as a global lower-carbon energy and chemicals investment company, has an enterprise value exceeding $80 billion. This year, the company has closed several international deals, including a joint venture with BP for upstream gas in Egypt, a stake in the Absheron gas and condensate field in Azerbaijan, and participation in Offshore Block 1 in Turkmenistan.
Sheikh Khaled has also directed Adnoc to expand its work with international partners to unlock value from Abu Dhabi's hydrocarbon resources. Adnoc's international expansion is being spearheaded by XRG, its global energy investment arm.
In addition to this, Adnoc is exploring new revenue streams, expanding trading activities, and exploring digital asset opportunities. Sheikh Khaled has opened a trading office in Geneva, Switzerland, expanding Adnoc's global trading footprint. Adnoc's chemicals platform aims to be among the top-five global players in chemical and speciality products production.
The meeting also reviewed Adnoc's financial performance, diversification of revenue streams, use of artificial intelligence, and execution of domestic growth projects. Sheikh Khaled has given directives to boost the use of AI to optimize trading operations and future-proof the company. He has also noted that Adnoc has enhanced the skills of UAE citizens in international commodity trading.
This year marks 75 years since Abu Dhabi first started oil and gas exploration with the drilling of a well at Ras Al Sadr. Over the decades, Adnoc's trading businesses have created significant value for the country and strengthened the role of the UAE and Abu Dhabi as global trading hubs.
As Adnoc moves forward with its strategic plans, it aims to meet growing global energy demand through its partnerships while focusing on gas self-sufficiency. XRG, with its ambitious goal to double its asset value over the next decade, capitalizing on energy transition, AI advances, and the rise of emerging economies, is a key player in this transformation.
For the exact details of this potential transfer or operation, it would be beneficial to consult the latest official press releases or reports from Adnoc or the involved companies.
