UAE’s ADNOC announces separate low-carbon firm

Abu Dhabi National Oil Company (ADNOC), the UAE’s largest oil producer, announced the creation of XRG, a new investment company focused on international natural gas, chemicals, and low-carbon energy operations.

The move aligns with the UAE’s strategy to diversify its economy and prepare for the global energy transition. The country aims to leverage its oil wealth to develop sustainable industries, including technology, manufacturing, and tourism. ADNOC’s efforts also support its goal of net-zero emissions by 2050.

Details on XRG’s leadership and funding were not disclosed, but the initiative builds on ADNOC’s prior commitment to expanding its gas and clean-energy portfolio globally.

Attribution: Bloomberg

Subediting: M. S. Salama