New York City, USA – The Board of Directors of XRG, the international energy investment company launched by ADNOC in November 2024, met to review progress made on the company’s disciplined investment strategy and to provide guidance on the implementation of the company’s five-year business plan.
Held in New York, XRG’s first Board meeting outside the United Arab Emirates (UAE) included a briefing on XRG’s International Gas platform. The update focused on details of its growing presence in the United States (US), highlighted by the recent acquisition of an 11.7% stake in Phase 1 of the Rio Grande LNG project, one of the most ambitious LNG export infrastructure projects in the US, which is progressing with construction of Trains 1-3 and has recently taken Final Investment Decision (FID) on Train 4.
On Energy Solutions, the Board reviewed the development plan and progress to-date of ExxonMobil’s Baytown low-carbon hydrogen and ammonia project in Texas, of which XRG holds a 35% equity stake. The Board were also updated on XRG’s plans to invest in US energy infrastructure to address increasing demand from AI and digitalisation. The Board was briefed on XRG’s Global Chemicals growth plans including the creation of Borouge Group International and the potential acquisition of Covestro.
His Excellency Dr. Sultan Ahmed Al Jaber, Executive Chairman of XRG and Managing Director and Group CEO of ADNOC, 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 maximize 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 play a pivotal role in shaping the global energy landscape. Domestic gas demand remains resilient, underpinned by robust industrial activity and the rapid expansion of data centres. Furthermore, as the world’s largest exporter of liquified natural gas (LNG), the US is expected to maintain strong growth in LNG exports, contributing approximately 30% of the incremental global LNG supply through 2050.
Globally, XRG has built a robust and geographically diverse gas portfolio with four successful transactions in Africa and Asia and has announced two landmark transactions that would position XRG as a top-three global chemicals investor.
The Board was also updated on the company’s ongoing work to establish offices in strategic markets, including those recently established in Washington D.C.; Baku, Azerbaijan; Maputo, Mozambique; and Ashgabat, Turkmenistan. The growing footprint of XRG’s global presence reflects the company’s long-term commitment to the communities in which it operates.
About XRG:
XRG is a transformative international energy investment company, focused on natural gas, chemicals and scalable energy solutions to help power AI and industry globally. Headquartered in Abu Dhabi and wholly owned by ADNOC. XRG’s portfolio includes operating and non-operating interests in industry-leading assets and companies that are meeting the rapidly increasing global demand for energy and the chemicals that are essential to enable sustainable economic growth.