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, 2025
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.
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 However, XRG's $19 billion bid for Santos was withdrawn.
Looking ahead, XRG plans substantial infrastructure investments and may revisit its pursuit of Santos to bolster its Asian market supply. The European Union has approved the Covestro takeover, subject to certain conditions regarding state aid and technology sharing. XRG's enterprise value is reported to have grown to $150 billion.
