President chairs ADNOC meet, approves launch of $80b XRG

President His Highness Sheikh Mohamed Bin Zayed Al Nahyan has presided over the annual meeting of the ADNOC Board of Directors.

During the meeting, which was held at ADNOC Headquarters, Sheikh Mohamed approved the launch of XRG, a lower-carbon energy and chemicals investment company to accelerate ADNOC’s international growth and drive greater value.

Following the Board's strategic endorsement, the ADNOC announced the launch of XRG, a groundbreaking international lower-carbon energy and chemicals investment company, with an enterprise value of over $80 billion.

XRG aims to more than double its asset value over the next decade by capitalsing on demand for low-carbon energy and chemicals driven by three megatrends: the transformation of energy, exponential growth of AI, and the rise of emerging economies.

XRG will initially focus on investments that meet the growing global demand for natural gas, chemicals and low carbon energies.

Sheikh Mohamed praised ADNOC for its achievements in delivering on its international growth strategy and noted that XRG will build on these achievements and ADNOC’s track record in energy and investments to deliver long-term sustainable value for the UAE.

The board endorsed ADNOC’s target to drive Dhs200 billion ($54.5 billion) into the UAE economy over the next five years through its In-Country Value (ICV) programme, building on Dhs55 billion ($15 billion) delivered this year.

The ICV programme also created 5,500 jobs for Emiratis in the private sector this year in partnership with the Emirati Talent Competitiveness Council (Nafis).

These achievements bring the total value ADNOC has driven back into the UAE economy to Dhs242 billion ($65.9 billion), with 17,000 Emiratis employed in the private sector since the programme was launched in 2018.

Sheikh Mohamed highlighted ADNOC’s important role as a primary catalyst for the UAE’s growth and diversification and commended the company for continuing to prioritise value creation for the nation and stimulate economic and industrial opportunities for the private sector.

As part of these efforts, ADNOC is enabling local manufacturing of critical industrial products in its supply chain.

The company has signed local manufacturing agreements with UAE and international companies worth Dhs72 billion ($19.6 billion) since 2022, as it delivers on its target to locally manufacture Dhs90 billion (US$24.5 billion) worth of products in its procurement pipeline by 2030 in support of the UAE’s ‘Make it in the Emirates’ initiative.

The board reviewed ADNOC’s gas growth strategy and commended the company’s progress in harnessing the UAE’s gas resources to meet growing global gas demand. Through the lower-carbon Ruwais LNG project, ADNOC is more than doubling its existing UAE liquefied natural gas (LNG) production capacity to around 15 million tonnes per annum (mtpa) while building an integrated global gas business with strategic investments in Egypt, Mozambique, Azerbaijan, and the US.

The board was updated on ADNOC’s artificial intelligence and digital technology (AIDT) strategy as it aims to become the world's most AI-enabled energy company. The board praised ADNOC for its industry leadership in leveraging digitalisation, advanced technologies, and artificial intelligence (AI) to enhance efficiencies and future-proof its business.

Ahead of the meeting, Sheikh Mohamed visited ADNOC’s world-class AI center, where he was briefed on how the company is integrating AI from the control room to the board room to enhance safety, maximise value, and reduce emissions as it continues to advance the UAE’s thriving AI ecosystem.

During the tour, Sheikh Mohamed was shown some of ADNOC’s innovative AI solutions, including the world-first deployment of Robowell, an autonomous well-control solution, as well as the AI Lab, which is set to identify and shape high-value AI use cases across its operations. His Highness was also updated on ENERGYai, a first-of-its-kind agentic AI solution, which ADNOC recently launched in collaboration with AIQ, G42, and Microsoft.

Sheikh Mohamed met with a group of young talented Emirati employees driving pioneering AI initiatives. Building on the success of ADNOC’s Trading Academy, His Highness was briefed on how young Emirati commodity traders are being upskilled to create additional revenue streams for the company across its international trading businesses.

He praised ADNOC for empowering young Emirati talent and delivering several strategic initiatives to develop its people. His Highness stressed that people are the nation’s greatest asset, and the UAE leadership will continue to prioritise human capital development.

Sheikh Mohamed thanked ADNOC employees for their hard work and dedication and emphasised the importance of continuous performance improvement, efficiency, and agility.

Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC said, "Under the guidance of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan and the steadfast support of the ADNOC Board of Directors, ADNOC is reinforcing its critical role as a catalyst for the UAE’s economic and industrial growth and a reliable global energy provider. This year has been a transformative period for ADNOC where we have taken important steps to future-proof our business, pivot to new growth opportunities across the energy value chain and the world, and accelerate the adoption of AI to drive efficiency and unlock greater value. With the support of all my colleagues across the ADNOC Group, we will build on this momentum to deliver more energy with fewer emissions to empower lives and fuel economies while delivering long-term sustainable value and growth.”

ADNOC’s strong sustainability performance and its efforts to decarbonise and drive low-carbon growth was also highlighted by the board. The board directed ADNOC to double down on its 2030 sustainability strategy and its industry-leading net zero by 2045 ambition.

ADNOC ranks among the least carbon-intensive oil and gas producers in the world and is further reducing its carbon intensity by 25% and targeting near-zero methane emissions by 2030.

Attending the meeting were His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court; His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council;  Sheikh Hazza Bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Dr Ahmed Mubarak Al Mazrouie, Member of the Executive Council and Chairman of the Abu Dhabi Executive Office; Ahmed Ali Al Sayegh, Minister of State; Jassem Al Zaabi, Member of the Executive Council and Chairman of the Department of Finance; Awaidha Murshed Al Marar, Member of the Executive Council and Chairman of the Department of Energy; and Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority and Managing Director and Group CEO of Mubadala.

WAM