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Riyadh, Tokyo to Sign Agreements and MoUs in Several Sectors

The headquarters of the Saudi Ministry of Investment (Ministry's website)
The headquarters of the Saudi Ministry of Investment (Ministry's website)
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Riyadh, Tokyo to Sign Agreements and MoUs in Several Sectors

The headquarters of the Saudi Ministry of Investment (Ministry's website)
The headquarters of the Saudi Ministry of Investment (Ministry's website)

Riyadh and Tokyo will sign agreements and memorandums of understanding in several sectors of mutual interest on the sidelines of Japanese Prime Minister Fumio Kishida’s visit to Saudi Arabia on Sunday, the Saudi Ministry of Investment announced in a statement.

The Ministry also said it will host the Saudi-Japanese round table meeting in Jeddah to strengthen the economic and investment ties between Saudi Arabia and Japan.

The round table aims to explore potential investment opportunities across sectors such as petrochemicals, healthcare, mining, financial services, and logistics.

During the meeting, there will be discussions on significant projects in both countries, as well as the signing of agreements and memorandums of understanding in several sectors of mutual interest, the Ministry said.

It added that the private sector institutions from both sides will have dedicated sessions to review areas of cooperation, investment partnerships, and exchange of expertise.

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Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
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Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.

XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.

On Tuesday, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.

Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America, Reuters reported.

ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in US natural gas in coming months.

XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.

The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.

ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.