Abu Dhabi National Oil Co. (ADNOC) is set to transfer stakes in some U.S. assets to its new international investment firm, XRG PJSC, in a move aimed at creating an $80 billion global venture focusing on technologies driving the energy transition. The transfer includes ADNOC's holdings in a hydrogen venture with Exxon Mobil Corp. and NextDecade Corp.’s LNG export project. XRG, as stated by CEO Sultan Al Jaber, will invest in advanced technologies to support the energy transition. Last year, ADNOC announced its plan for XRG with an enterprise value exceeding $80 billion, aiming to augment the value of its assets significantly over the next decade. XRG is poised to control entities like Covestro AG and Abu Dhabi's share in a gas project joint venture with BP Plc in Egypt and the Mediterranean region. This strategic move by ADNOC to diversify its energy portfolio beyond oil into gas trading and chemical derivatives, including plastics, is in anticipation of increased demand for such products amidst the energy transition. Additionally, ADNOC is in discussions with Mubadala Investment Co. to potentially acquire Nova Chemicals, which operates two facilities in the U.S. The formation of XRG and the planned acquisitions signify ADNOC's proactive approach in adapting to the evolving energy landscape and positioning itself for sustainable growth.