Abu Dhabi's XRG aims to reach a gas and LNG capacity of between 20-25 million tonnes per year by 2035

XRG is the international investment arm for Abu Dhabi National Oil Company. The company stated in a Tuesday statement that it aims to have a business of gas and LNG with a production capacity between 20 and 25 million metric tonnes per year by 2035.

XRG, a company that invests in lower-carbon energy sources, gases and chemicals with assets exceeding $80 billion, was established last year.

The board of the company, which includes former BP CEO Bernard Looney, and Blackstone's Jon Gray on Tuesday, approved a capacity target as well as a five-year plan. The board members supported the evaluation of possible gas acquisitions in North America and LNG opportunities.

ADNOC’s US investments are already under XRG. The oil giant’s Chief Executive Sultan Al Jaber stated in March that XRG will make a substantial investment in U.S. Natural Gas in the coming months.

Jaber, who spoke last month, said that the United Arab Emirates (UAE), a key ally to U.S. president Donald Trump, planned to increase its U.S. investments in energy to $440 billion over the next decade, from $70 billion.

A company spokesperson announced on Tuesday that XRG had also changed the name Energy Solutions of its platform for low-carbon energies to reflect the entire scope of the strategy of the company, including the energy demand related to artificial intelligence and digital economy.

XRG reported that the board "endorsed" the company's goal to become one of top three global chemical platforms.

ADNOC agreed to purchase German chemicals manufacturer Covestro in October for 14.7 billion Euros ($16.73 Billion) including debt. Jaber said later that it would be under XRG. Reporting by Yousef SABA; Editing and Revision by David Evans, Rachna uppal

(source: Reuters)