The board of directors of XRG, the international specialized energy investment company launched by ADNOC in November 2024, held a meeting in New York to review progress in implementing its ambitious investment strategy and its five-year business plan. This was the first board meeting held outside the UAE, hosted at Blackstone’s headquarters in Manhattan, New York City. The board reviewed updates on the company’s international gas operations.

The board followed 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 (LNG) project, one of the most ambitious LNG export infrastructure projects in the US, which is making steady progress in constructing the first, second, and third liquefaction units, in addition to the final investment decision for the fourth unit. Regarding the company’s energy solutions business, the board reviewed the development plan and progress updates on the Baytown project for low-carbon hydrogen and ammonia production in partnership with ExxonMobil in Texas, in which XRG holds a 35% stake.

The board also reviewed the company’s plans to invest in energy infrastructure projects in the US to help meet the increasing demand driven by digital transformation and the growth of artificial intelligence data centers. The board reviewed plans for international growth in the chemicals sector, including the establishment of the Borouge International Group and the proposed acquisition of Covestro.

On this occasion, His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, and Executive Chairman of XRG, said, “In line with the wise leadership’s vision and directives to enhance international cooperation to provide energy solutions and supplies to keep pace with the future and support global growth, XRG has succeeded in less than a year in strategically deploying capital through a responsible and disciplined investment approach aimed at seizing lucrative opportunities that contribute to creating and enhancing long-term value across various fields and stages of the energy sector.”

He added, “XRG continues to build on the positive progress it has made and consolidate its position in economically viable markets that provide a supportive investment environment, consistent with the company’s focus on leveraging growth opportunities and potentials across all energy sectors, including the US market. Through cooperation with partners in both the public and private sectors, we will continue to strengthen the company’s leading position and its contribution to building a future energy ecosystem that supports sustainable economic growth.”

The United States plays an important role in shaping the global energy landscape, given the flexibility of its domestic gas demand supported by strong industrial activity and the rapid expansion of data centers.