ADNOC’s XRG targets U.S., Latin America in global expansion

Abu Dhabi’s XRG, the international investment arm of state-owned oil giant ADNOC, is ramping up its push into the U.S. and Latin America.

“The United States is central to XRG’s ambition to build a globally integrated energy and industrial platform,” XRG Americas CEO Philip Haddad told the Emirates News Agency, calling the country the company’s top market for growth.

The centerpiece is Texas, where XRG now owns stakes in all five trains serving the Rio Grande LNG export project, one of the world’s largest export facilities under construction.

XRG is also investing in Argentina’s Vaca Muerta shale gas fields and expanding its North American chemicals business through Covestro and NOVA Chemicals.

The strategy reflects ADNOC’s effort to use XRG as a global investment vehicle, expanding the UAE’s presence in energy, chemicals and industrial businesses well beyond its own oil and gas production, Haddad said.