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Abu Dhabi National Oil Company ( ADNOC) announced Wednesday that it is launching a new lower carbon energy and chemicals company called XRG, with a value of at least $80 billion, to capitalize on the growing demand for clean energy.

XRG will aim to more than double its asset value over the next decade by capitalising on the demand for low-carbon energy and chemicals. The three factors driving demand are energy transformation, the growth of artificial intelligence and the rise of emerging economies.

XRG will initially focus on transformational global investments that create value across natural gas, chemicals, and lower-carbon energy solutions

The Abu Dhabi National Oil Company started a new unit called XRG to invest in natural gas, chemicals and low-carbon energies to support its international growth and drive value.

Emirati state giant has been diversifying its international portfolio, eyeing a wider role in the liquefied natural gas value chain, low-carbon, as well as in chemicals and fertilisers

ADNOC added about the new investment company, “XRG aims to more than double its asset value over the next decade by capitalizing 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”.

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

Adnoc on Wednesday launched XRG, an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. XRG plans to double its asset value over the next decade by investing in low-carbon energy and chemicals,