The board of directors of “XRG,” the international investment company focused on the energy sector, launched by “ADNOC” in November 2024, convened in New York to evaluate the progress of its ambitious investment strategy and its five-year business plan. This marks the first board meeting held outside the UAE, taking place at the “Blackstone” headquarters in Manhattan. The board members were updated on the company’s international operations in the gas sector.
They reviewed the company’s efforts to strengthen its growing presence in the United States, including its acquisition of an 11.7% stake in the first phase of the “Rio Grande” liquefied natural gas project. This project is among the most ambitious infrastructure initiatives for LNG exports in the U.S., with ongoing progress in constructing the first, second, and third liquefaction units, alongside a “final investment decision” for the fourth unit. Regarding the company’s energy solutions, the board discussed the development plans and progress for the “Baytown” hydrogen and low-carbon ammonia production project in collaboration with “ExxonMobil” in Texas, in which “XRG” holds a 35% stake.
The board was also informed about the company’s objectives to invest in energy infrastructure projects within the United States to help meet the soaring demand resulting from digital transformation and the rapid expansion of artificial intelligence data centers. Plans for international growth in the chemicals sector were also reviewed, including the establishment of “International Borouge Group” and a proposed acquisition of “Covestro.”
In this context, Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of “ADNOC,” and Executive Chairman of “XRG,” stated that “In alignment with the vision of our leadership and their guidance to enhance international collaboration to provide energy solutions and supplies that ensure preparedness for the future and support global growth, ‘XRG’ has successfully utilized capital strategically within less than a year through a responsible and disciplined investment approach aimed at seizing promising opportunities that contribute to creating and enhancing long-term value across various fields of the energy sector.”
He added that “XRG” continues to build on the positive momentum achieved and solidify its position in economically viable markets that provide a supportive investment environment. This aligns with the company’s focus on leveraging growth opportunities in the entire energy sector, including the U.S. market. Through collaboration with both governmental and private sector partners, we will continue to strengthen the company’s leading position and enhance its contributions to building a future energy system that supports sustainable economic growth.”
The United States plays a crucial role in shaping the global energy landscape, given the inherent flexibility in domestic gas demand supported by robust industrial activity and the rapid expansion of data centers.