The President approves the appointment of the Board of Directors of “XRG” Company

His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, approved the appointment of the Board of Directors of “XRG”, an international investment company in the fields of low-carbon energy and chemicals, which was launched by the Abu Dhabi National Oil Company “ADNOC” last November, and whose institutional value is more than From 290 billion dirhams ($80 billion).

The company will implement strategic investments that benefit from the paradigm shift in the global energy system and contribute to enhancing sustainable economic growth and creating long-term value.

“XRG” is in an important position that enables it to support developments in the energy sector and benefit from the expected increase in global demand for it and the growing demand for advanced artificial intelligence systems that are used in energy production, transmission, and raising its efficiency, in addition to promoting low-carbon energy technologies.

The members of the Board of Directors have diverse global experience in the fields of energy, chemicals, infrastructure, investment, technology, sustainability, and economic development, which supports the company’s efforts in achieving its ambitious international growth strategy.

The XRG Board of Directors includes His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, who will assume the responsibility of Executive Chairman of the Board of Directors with more than 25 years of experience in the energy, industry, and investment sectors. , infrastructure, sustainability, advanced technology, and supporting the diversification of the energy mix in the UAE.

The Council also includes: His Excellency Mohammed Hassan Al Suwaidi, Minister of Investment, Managing Director and CEO of ADQ Holding Company, who has extensive investment experience in multiple sectors including utilities, metals, mining, infrastructure, technology and agriculture, and His Excellency Dr. Ahmed Mubarak Al Mazrouei, Head of His Highness’s Office. Head of State for Strategic Affairs at the Presidential Office, Head of the Abu Dhabi Executive Office, who has important experience in the field of financial and economic governance in the UAE, and His Excellency Jassim Mohammed Buataba Al Zaabi, Head of the Department of Finance. In Abu Dhabi, who also holds the position of Vice Chairman of the Board of Directors of the Central Bank of the United Arab Emirates, and Chairman of the Board of Directors of e&, and has extensive experience in the sectors of finance, investment, technology, real estate, and infrastructure, and Jonathan Gray, President and Chief Operating Officer of Blackstone. He is a global investor who oversees the management of one of the largest asset management companies in the world, which is worth more than a trillion dollars, and invests widely in the areas of private equity, real estate, infrastructure, energy, secondary markets, and credit, and insurance;

Nassef Sawiris, Executive Chairman of OCI Global, who has several decades of experience as a global investor and is responsible for leading several companies in multiple sectors including investment, commodities, construction and infrastructure, and Bernard Looney, Chairman of the Board of Directors of OCI Global. Prometheus Hyperscale, who previously served as CEO of BP, has extensive experience across the global energy supply chain and investing in conventional and renewable energy.

His Excellency Dr. Sultan Ahmed Al Jaber said on this occasion: “We appreciate the approval of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, to appoint the Board of Directors of XRG Company, which will focus on implementing qualitative investments that contribute to creating value in sectors characterized by growth rates.” High in various regions of the world, and across value chains based on the solid foundations of markets.”

He added that based on more than half a century of Abu Dhabi’s leadership in the global energy sector and investment in vital sectors, “XRG” has a set of advantages that include experience and specialized knowledge, access to smart capital, building strong global partnerships and relationships, and the ability to reach target markets. Opening new markets, benefiting from advanced technology, confidence in building partnerships, and adopting a flexible approach to implementing strategic investments along the energy sector value chain.

He explained that XRG will focus on investing in an integrated manner in the energy, chemicals and low-carbon fuel sectors, providing innovative, sustainable and effective solutions to create and enhance value in the long term, and supporting the growth of artificial intelligence, expressing his aspiration to work with the brothers and colleagues on the company’s board of directors, and to cooperate with international partners. To create new opportunities and sustainable economic and social value.

The launch of “XRG” confirms ADNOC’s commitment to accelerating the growth of its international activities to take advantage of the great investment opportunities offered by the global energy sector.

The company will benefit from the three main global trends: the paradigm shift in the energy system and the increasing demand for it, the rapid growth of artificial intelligence, and the increasing demand for energy in emerging economies, where population growth and urbanization are reshaping energy markets.

Through its flexible business model, XRG will be able to make strategic investments and achieve high returns by focusing primarily on three growth platforms, including:

– “XRG Global Gas Platform,” which will cooperate with relevant international parties to contribute to addressing the energy challenges of the twenty-first century, and aims to build an integrated global business portfolio in the field of gas to contribute to meeting the expected 20% increase in global demand for gas, in addition to the expected increase. The global demand for liquefied natural gas will increase by 65% ​​by 2050. This platform aims to contribute to enhancing global energy security and providing reliable, low-carbon solutions.

– “XRG Global Chemicals Platform,” which aims to be among the five largest global chemical companies, and will focus on producing and providing chemical and specialized products necessary for contemporary life to meet the expected 70% increase in global demand for chemicals by 2050. This platform will contribute to Supporting urban and industrial development in emerging economies, which helps provide new job opportunities, and develop the health care, agriculture, and technology sectors by providing key chemical products.

– The XRG Low-Carbon Energy Platform, which contributes to supporting the paradigm shift in the energy sector and promoting sustainable economic growth. This platform will focus on investing in scalable solutions in the areas of hydrogen, ammonia, biofuels, and emission-reduction technologies to meet the expected demand for low-carbon fuels. To grow by more than 150% until 2050. “XRG” is scheduled to begin operating in the first quarter of 2025.