ADNOC's Ambitious Global Expansion: XRG's Path to a Historic IPO

Abu Dhabi National Oil Company (ADNOC) is considering listing its international investment arm, XRG, on an international exchange. Discussions are ongoing, with London and New York as potential venues. XRG, with $80 billion in assets, could become one of the largest energy IPOs, furthering ADNOC's global growth strategy.

Abu Dhabi National Oil Company (ADNOC) is in the early stages of exploring a potential international listing for its investment arm, XRG, according to sources familiar with the matter. With a mandate to pursue deals in chemicals, natural gas, and renewables, XRG could significantly impact the global energy market.

ADNOC's strategy is backed by a $150 billion growth plan from 2023 to 2027, approved by the UAE's President and ADNOC board chair Sheikh Mohamed bin Zayed Al Nahyan. The listing of a minority stake in XRG on exchanges such as London or New York aims to transform the company into a global giant.

The move is part of ADNOC's broader ambition to diversify its portfolio and reduce dependency on oil revenues. With prominent figures like ex-BP boss Bernard Looney on its board, XRG has already secured significant international deals and acquisitions, positioning itself for future expansion.

(With inputs from agencies.)