UAE President Okays Board of ADNOC Global Investment Arm

FILE PHOTO: General view of the ADNOC headquarters is seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed//File Photo
FILE PHOTO: General view of the ADNOC headquarters is seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed//File Photo
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UAE President Okays Board of ADNOC Global Investment Arm

FILE PHOTO: General view of the ADNOC headquarters is seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed//File Photo
FILE PHOTO: General view of the ADNOC headquarters is seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed//File Photo

United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan approved a board of directors for XRG, state oil giant ADNOC's new international investment arm, including Blackstone's Jon Gray and former BP boss Bernard Looney, ADNOC said on Thursday.

Abu Dhabi National Oil Company announced last month it was setting up XRG, saying it was worth over $80 billion and would focus on lower-carbon energy, including gas, and chemicals.

Sultan Al Jaber, ADNOC's chief executive, was appointed XRG's executive chairman.

Along with Gray and Looney, the board also included Egyptian

Nassef Sawiris, UAE Investment Minister and CEO of Abu Dhabi sovereign wealth fund ADQ Mohamed Hassan Alsuwaidi, Chairman of the UAE president's office for strategic affairs Ahmed Mubarak Al Mazrouei, and Jasem Al Zaabi, chairman of Abu Dhabi Department of Finance and telecoms conglomerate e&.

ADNOC has done a string of deals in gas, LNG and chemicals, which it considers pillars for its future growth alongside renewables. UAE state-owned renewables firm Masdar, in which ADNOC has a 24% stake, has also made several acquisitions.

ADNOC struck a deal in October to buy German chemicals maker Covestro for $16.3 billion, including debt. Covestro last month said its management and supervisory boards supported the takeover offer, which will be one of the largest foreign acquisitions by a Gulf state and ADNOC's largest.



Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

Türkiye has received an exemption for gas payments to Russia after the United States imposed sanctions on Gazprombank, Turkish Energy Minister Alparslan Bayraktar revealed in response to a question from Reuters.

The US imposed new sanctions on Russia's Gazprombank in November, creating an obstacle for buyers of Russian gas, which had been using the bank to make payments. They have since been seeking clarification and exploring other ways to pay.

Türkiye imports almost all its gas requirement and Russia is the top supplier, providing more than 50% of the country's pipeline imports.

Ankara's pipeline gas imports from Russia stood at 21.1 bcm last year.

Türkiye had requested an exemption in discussions with US officials so that it can continue paying for Russian natural gas imports via Gazprombank.

The US on Thursday also granted a waiver to Hungary, which mainly relies on Russian oil and gas.