The national oil company of the United Arab Emirates, led by chief executive Sultan Al Jaber. Together with Saudi Aramco, ADNOC has been on a dealmaking binge: their combined acquisitions rose from $11bn in 2022 to $29bn in 2024.
In 2024 ADNOC established XRG, a division for overseas investments. XRG made a $19bn bid for Santos, an Australian gas producer. It has also acquired liquefied-natural-gas assets in America, Mozambique and Turkmenistan. XRG secured a deal to combine the polyolefin businesses of ADNOC and OMV, an Austrian oil-and-gas company, and acquire Nova Chemicals, a Canadian firm. It bought Covestro, a German specialty-chemicals company, for $16bn.
ADNOC owns about a quarter of Masdar, a clean-energy firm launched and chaired by Mr Al Jaber. It has also invested in Storegga Geotechnologies, a British carbon-capture firm, and taken a 35% stake in a low-carbon hydrogen-and-ammonia plant in Texas being developed by ExxonMobil.
AIQ, a joint venture between ADNOC and Presight, an Emirati AI firm, has helped the company develop an AI tool trained on its data to optimise logistics, seismic analysis and other operations.
A penny saved is a penny to squander.