Abu Dhabi's main energy company, Abu Dhabi National Oil Co. (Adnoc), is embarking on a significant global expansion through the creation of a new international investment firm, XRG PJSC. As part of this endeavor, Adnoc will be transferring its stakes in certain US assets to XRG, with a particular focus on advancing technologies related to the energy transition. XRG's strategic investments include taking over Adnoc's positions in a hydrogen venture with Exxon Mobil Corp. and NextDecade Corp.'s liquefied natural gas (LNG) export project. The move is aimed at doubling the value of assets over the next decade. In addition to these ventures, XRG will also gain control of Covestro AG following a major deal and will manage Abu Dhabi's interests in a joint venture with BP Plc for gas projects in the Mediterranean region. This shift aligns with the UAE's broader strategy of expanding into chemicals and gas to meet future energy demands and contribute to the supply of plastics for consumer goods amidst the ongoing energy transition. Adnoc's proactive approach to diversifying its portfolio beyond oil to include gas trading and chemical derivatives like plastics reflects the company's anticipation of increased demand for these products in the context of the global energy transition. The move towards strategic partnerships and investments signifies Abu Dhabi's commitment to staying at the forefront of the evolving energy landscape, positioning itself for long-term growth and sustainability.