Adnoc’s global energy investment arm XRG is teaming up with Malaysia’s Petronas to expand its footprint in Central Asia with a stake in Turkmenistan's offshore gas and condensate field.
Petronas will hold a 57 per cent stake in Turkmenistan's Block I field, while XRG and the Turkmen state enterprise Hazarnebit will control 38 per cent and 5 per cent holdings in the asset respectively, XRG said in a statement on Wednesday.
Abu Dhabi-headquartered XRG and Petronas have also signed a long-term gas sales agreement with state company Turkmengas as part of the deal, XRG said, without disclosing financial details of the deal.
"This agreement marks an important milestone in XRG’s global growth strategy and builds on the strengthening relationship between the UAE and Turkmenistan,” Mohamed Al Aryani, president of international gas at XRG, said.
“It strengthens XRG’s presence in the Caspian region, expands our resource base, and reflects our ambition to be a reliable supplier of cleaner energy to meet the world’s evolving needs."
Block I, in the Caspian Sea, produces about 400 million cubic feet of natural gas per day, with opportunities to expand production capacity. The field has access to more than 7 trillion cubic feet of estimated natural gas resources.
The announcement is the latest in a string of deals signed by XRG, launched by Adnoc in 2024 to expand its operations globally.
Last year, the company bought a 10 per cent stake in the Area 4 concession in Mozambique's Rovuma Basin liquefied natural gas projects.
In December, XRG announced the acquisition of German chemicals company Covestro for an enterprise value of €14.7 billion ($15.3 billion) after its shareholders accepted a takeover offer.
XRG was launched with an enterprise value of more than $80 billion. It plans to double its asset value over the next decade, capitalising on energy transition, artificial intelligence advances and the rise of emerging economies.
XRG’s chemicals platform aims to become a top-five global player, producing and delivering chemical and speciality products to meet a projected 70 per cent increase in global demand by 2050, Adnoc said last year.
It is investing in natural gas projects to meet growing demand for the fuel and its supercooled form, liquefied natural gas.
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
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Frankenstein in Baghdad
Ahmed Saadawi
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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- 600-seat auditorium
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- An elevated football field that doubles as a helipad
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- AR and VR-enabled learning centres
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Always use only regulated platforms
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Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
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1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
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1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
