Abu Dhabi National Oil Company's (ADNOC) global energy investment arm, XRG, has partnered with British energy giant BP to establish a joint venture, Arcius Energy, focusing on international natural gas platforms. BP holds a 51% stake, while XRG owns 49%. The initial operations will concentrate on Egypt, leveraging both companies' technical expertise to create a competitive natural gas asset portfolio to meet rising regional energy demands.
XRG, launched by ADNOC in November, is valued at over $80 billion and aims to double its asset value in the next decade by tapping into clean energy demand. This partnership marks XRG's first major international capital move, advancing UAE's energy transition efforts.
