What is XRG and its mission?

XRG is an $80 billion energy venture created by Adnoc to acquire international gas, chemicals, and low-carbon energy businesses globally.

Who is the new chief investment officer at XRG?

Nameer Siddiqui, formerly a banker at Goldman Sachs and senior vice-president at Phillips 66, has been appointed as XRG's new chief investment officer.

Did XRG's bid for Santos succeed?

No, XRG withdrew its $19 billion offer for Australian oil and gas group Santos in September, though it may consider it again in the future.

Home / Business and Economy / Energy Giant XRG Shakes Up Leadership After $40B Deal Spree

Energy Giant XRG Shakes Up Leadership After $40B Deal Spree

20 Nov

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Summary

XRG, Adnoc's $80bn energy vehicle, restructures leadership after one year.
New chief investment officer, Nameer Siddiqui, brings US market experience.
The company previously attempted over $40bn in acquisitions, including a failed Santos bid.

Energy Giant XRG Shakes Up Leadership After $40B Deal Spree

XRG, Abu Dhabi's ambitious $80 billion energy acquisition vehicle, is implementing significant leadership changes less than a year after its inception. The shake-up includes the appointment of former Goldman Sachs banker Nameer Siddiqui as chief investment officer, leveraging his expertise in the US market. This transition comes as XRG has actively pursued more than $40 billion in potential deals.

The company's first year saw the formation of a gas joint venture with BP in Egypt, investments in LNG projects in Texas and Mozambique, and the acquisition of a gas pipeline in Azerbaijan. It also inherited major chemicals deals, including Borouge International and the takeover of Germany's Covestro. However, XRG's $19 billion bid for Santos was withdrawn.