"XRG" and"BP" They announce the completion of the establishment "Arceus Energy"
Abu Dhabi, December 16 / WAM / Today, XRG and BP announced the completion of the establishment of the new company, “Arques Energy”, the regional natural gas platform, which is a joint venture in which “BP” owns a 51% stake, while it owns a 49% stake. % “XRG”, an international investment company in the field of low-carbon energy and chemicals, owned by “ADNOC”. The project will combine the technical capabilities of the two companies and their track records of achievements to achieve their common goal of developing a competitive business portfolio in the gas field.
Arceus Energy will initially begin its work in Egypt, where its portfolio includes assets that belonged to BP in two development concessions, in addition to a number of exploration concessions.
His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Executive Board of Directors of XRG, said on this occasion that, in line with the leadership’s vision of building bridges of cooperation and concluding strategic partnerships that contribute to ensuring energy resources to support sustainable economic growth, the establishment of “Arques Energy” represents… A new stage in the long-term strategic partnership with BP.
His Excellency added that this step is of strategic importance as it is consistent with the objectives of “XRG” by implementing qualitative investments in the global energy system and building an integrated portfolio that contributes to meeting the growing global demand for low-carbon energy and chemicals, expressing his confidence that this partnership will contribute to providing low-carbon energy to contribute In building a sustainable future in the sisterly Arab Republic of Egypt and the countries of the region.
For his part, Murray Auchincloss, CEO of BP, said that “Arques Energy” represents a joint project that benefits from the strengths and experience of both “BP” and “ADNOC” to establish a new platform to support international growth in the field of natural gas in the region.
He added that through “XRG”, “ADNOC” represents a reliable partner with whom we have successful and long-term relationships extending for more than five decades, and based on “BP’s” technical expertise that extends for more than 60 years, expressing his aspiration to continue cooperation and work together to implement highly efficient projects. In Egypt, which provides promising opportunities to build a competitive gas portfolio in the region. The executive management of Arceus Energy includes Nasser Saif Al Yafei, from ADNOC, who will assume the responsibility of CEO, and Katerina Babalexandari, from BP, who will assume the responsibility of Chief Financial Officer. The two executives have extensive experience in the energy fields.
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