UAE’s Oil Giant Launches $80-Billion Chemicals and Green Energy Firm

Abu Dhabi’s oil company ADNOC is launching a new firm, XRG, which will be an international lower-carbon energy and chemicals investment company with an enterprise value of over $80 billion, the company pumping nearly all the oil of the United Arab Emirates (UAE) said on Wednesday. XRG will formally commence activities in the first quarter of 2025. Initially, XRG will focus on transformational global investments that create value across natural gas, chemicals, and lower-carbon energy solutions, ADNOC said in a statement. The independently…