XRG, ADNOC international investment company (Abu Dhabi)

إكس آر جي · United Arab Emirates · Middle East · Founded 2024 · Strategic development fund · Not an IFSWF member

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Focus

Abu Dhabi: what it invests in

Energy: oil and gasIndustrials and manufacturingRenewables and climateInfrastructure and utilities

Strategic state holdingsPrivate equityInfrastructure

Geography Global

Scale

Abu Dhabi: how big it is, and on what basis

USD 150B+ Estimate

Published estimate

In US dollars: about USD 150.0B. Enterprise value stated by the company; not assets under management

Transparency

Abu Dhabi: what it publishes

4.0 of 10 Band 2 of 5

Published 1 · Partly 6 · Not published 3

Our 10 item score. It measures what is public, not how well a fund is run.

Enterprise valueS5: USD 150B+ (company figure, not AUM)
Covestro dealS8: EUR 14.7B (closed December 2025); As of 2025-12-17
Borouge InternationalS6: 50% stake (jointly with OMV); As of 2026-03-31
Gas target 2035S10: 20 to 25 Mtpa; As of 2025-06
LaunchedS1: November 2024; As of 2024-11-27
Transparency scoreS5: 4.0 of 10

At a glance. XRG is ADNOC's international investment company, launched in November 2024 to build global gas, chemicals and energy solutions platforms. It reports an enterprise value above USD 150 billion. In its first 18 months it took control of Covestro, formed Borouge Group International with OMV, and bought stakes in LNG and gas projects in the US, Mozambique, Egypt, Azerbaijan and Turkmenistan. S5 S3 S6 S7

Key points

Enterprise value above USD 150 billion, up from over USD 80 billion at launch; this is not AUM. S5 S1
Three platforms: International Gas, Global Chemicals and Energy Solutions. S5
Closed the EUR 14.7 billion Covestro takeover in December 2025; the ADNOC group holds 95.1 percent. S8 S3
Holds 50 percent of Borouge Group International, a polyolefins producer with 13.6 million tonnes a year of capacity, formed in March 2026. S6
Gas stakes include 11.7 percent of Rio Grande LNG Phase 1, 10 percent of Rovuma Area 4, 30 percent of Absheron and 49 percent of Arcius Energy. S9 S10 S11 S12
Targets a 20 to 25 million tonne a year gas and LNG portfolio by 2035. S10
Aims to more than double asset value within a decade. S1

Interesting facts

Its board held its first meeting outside the UAE in New York in September 2025. S9
Its board includes Blackstone president Jon Gray and former bp chief Bernard Looney. S4
XRG sponsors the UAE Team Emirates-XRG professional cycling team. S5

Mandate and goals

XRG invests abroad to capture three trends: energy transformation, AI-driven power demand and the growth of emerging economies. It pairs private equity style value creation with the operating depth of a major energy supplier. S1 S5

Become a top three global chemicals investor. S6 S9
Build a world-scale integrated gas and LNG portfolio. S1 S10
Invest in energy solutions such as low-carbon hydrogen and ammonia. S9

How it invests

Industries	Energy: oil and gas, Industrials and manufacturing, Renewables and climate, Infrastructure and utilities S5 S9
Asset classes	Strategic state holdings, Private equity, Infrastructure S3 S6
Stages	Buyout, Infrastructure, Growth S3 S9
Geography	Global. International only; offices in Washington DC, Baku, Maputo and Ashgabat S9 S7
Direct / through funds / co-invest	Yes / No / Yes S3 S12
Ticket size	No ticket range is published. S8
Deal sizes seen	From project stakes to the EUR 14.7B Covestro takeover
External managers	No external managers S5
Co-investment programme	Deal-level partnerships with bp, OMV, TotalEnergies, SOCAR and others S12

Largest holdings: Covestro EUR 14.7B takeover (95.1%), Borouge Group International USD 60B enterprise value (50%) (dates from 2025-12-17 to 2026-03-31) S6 S8

Published criteria

Investment-friendly jurisdictions such as the US. S9
Long-term value across the energy value chain, with partners. S9

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	Covestro. Takeover closed 10 December 2025 with a EUR 1.17 billion capital increase; group stake 95.1 percent. S3 S8	Direct investment	Industrials and manufacturing	Buyout	EUR 14.7B	95.1%
2026	Borouge Group International. Borouge and Borealis combined with NOVA Chemicals; equal partnership with OMV. S6 S8	Joint venture or partnership	Industrials and manufacturing	Buyout	USD 60B EV	50%
2025	Rio Grande LNG Phase 1. First US gas investment, closed September 2025. S9 S8	Direct investment	Energy: oil and gas	Infrastructure	Not disclosed	11.7%
Not published	ExxonMobil Baytown hydrogen and ammonia. Low-carbon hydrogen and ammonia project in Texas. S9	Joint venture or partnership	Renewables and climate	Infrastructure	Not disclosed	35%
2025	Rovuma Basin Area 4. Bought from Galp; covers Coral South FLNG, Coral North FLNG and Rovuma LNG. S10	Direct investment	Energy: oil and gas	Infrastructure	Not disclosed	10%
Not published	Absheron gas and condensate field. Partners took FID on full field development in September 2026. S11 S7	Direct investment	Energy: oil and gas	Infrastructure	Not disclosed	30%
2026	Southern Gas Corridor CJSC. Equity stake bought from the Azerbaijan Ministry of Economy, closed September 2026. S7	Direct investment	Infrastructure and utilities	Infrastructure	Not disclosed
Not published	Turkmenistan offshore Block I. Producing gas and condensate concession with over 7 tcf of resources. S7	Direct investment	Energy: oil and gas	Infrastructure	Not disclosed
2024	Arcius Energy. Gas platform with bp holding Zohr (Shorouk) and Atoll (North Damietta) interests. S12	Joint venture or partnership	Energy: oil and gas	Infrastructure	Not disclosed	49%

Case studies

Covestro takeover S3 S8

What: Acquired control of the German materials group through a public offer and a capital increase.
When: 2024 to 2025
Size: EUR 14.7B
Why: Anchor the Global Chemicals platform with a leader in performance materials.
Outcome: Closed December 2025; ADNOC group holds 95.1 percent and Covestro keeps its Leverkusen base.

Borouge Group International S6

What: Combined Borouge and Borealis and added NOVA Chemicals in an equal venture with OMV.
When: 2025 to 2026
Size: USD 60B EV
Why: Build a global polyolefins leader with Gulf feedstock and European technology.
Outcome: Formed 31 March 2026 with 13.6 million tonnes a year of capacity.

A Caspian gas position S11 S7

What: Built stakes in Absheron, Turkmenistan Block I and the Southern Gas Corridor.
When: 2025 to 2026
Size: Not published
Why: Link Caspian gas to export routes into Turkey and Europe.
Outcome: Absheron full field FID taken in September 2026.

Investment process

The XRG board, chaired by Executive Chairman and CEO Sultan Al Jaber, reviews strategy and the five-year business plan. Deals are run by platform teams. S9 S4

Committee	Role
Board of Directors	Abu Dhabi officials and international business leaders S4

Platform teams source gas, chemicals and energy solutions deals. S5
Board reviews progress against the five-year plan. S9
Deals close through offers, joint ventures or stake purchases. S3 S12
Local offices support assets in key markets. S9

How to approach: Contact routes are on the company site; no programme for outside investors is described. S5

Size and returns

Headline size: USD 150B+ (Published estimate) S5
In US dollars: about USD 150.0B. Enterprise value stated by the company; not assets under management
Enterprise value at launch, Nov 2024: USD 80B+ (Published estimate, as of 2024-11-27) S1
Returns: the fund does not publish a return figure.

Leadership

Name	Title
Sultan Al Jaber	Executive Chairman and Chief Executive Officer S4 S13
Mohamed Hassan AlSuwaidi	Board member S4
Ahmed Mubarak Al Mazrouei	Board member S4
Jassem Al Zaabi	Board member S4
Jon Gray	Board member S4
Nassef Sawiris	Board member S4
Bernard Looney	Board member S4

Governance and transparency

Legal basis: Public joint stock company wholly owned by ADNOC S3
Oversight: XRG board; ADNOC as shareholder S4 S1
Al Jaber added the CEO role in November 2025. S13
No annual report published yet. S5

Transparency score: 4.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

Published: named leadership. S4
Partly published: total assets, asset allocation, geographic or sector split, holdings or deal list, governance and mandate documents, regular reporting schedule. S1 S3 S4 S5
Not published: annual return, long-term returns, audited financial statements. S5

History

Date	Event
2024-11-27	ADNOC launches XRG. S1
2024-12-16	Arcius Energy formed with bp. S12
2025	Rovuma Area 4 stake completed. S10
2025-09-18	Santos consortium proposal withdrawn. S14
2025-09	Rio Grande LNG stake closed; board meets in New York. S9
2025-11-04	Al Jaber adds CEO role. S13
2025-12-10	Covestro takeover closes. S3
2026-03-31	Borouge Group International formed. S6
2026-09-15	Southern Gas Corridor stake closes. S7
2026-09-26	Absheron full field FID. S11

For family offices

XRG partners with energy majors, national oil companies and large investors at deal level. It does not run a programme for family offices. S12 S5

Joint ventures with operators such as bp, OMV and TotalEnergies. S12 S6 S11
Consortium bids alongside financial investors. S14

Common questions

What is XRG?

ADNOC's international energy and chemicals investment company, launched in November 2024. S1

How large is XRG?

The company states an enterprise value above USD 150 billion; this is not AUM. S5

What is its biggest deal?

The EUR 14.7 billion Covestro takeover, closed in December 2025. S8

Who runs it?

Sultan Al Jaber, Executive Chairman and CEO. S13

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National Development Fund (NDF) Saudi Arabia · About SAR 430B
Oman Investment Authority (OIA) Oman · OMR 22.922B
MGX United Arab Emirates (Abu Dhabi) · USD 49B

All sovereign wealth funds in Middle East · All strategic development funds · All funds in United Arab Emirates

Sources

Disclaimer

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