UAE's ADNOC CEO pledges US gas investment
ADNOC's investment arm will begin investing in U.S. Natural Gas in the next few months, according to ADNOC CEO Sultan Al Jaber.
The UAE is a part of OPEC+ and one of world's largest oil producers. ADNOC’s fully-owned investment unit XRG, which has assets worth about $80 billion, reported last week that the UAE is considering options for a XRG IPO.
He told the largest gathering of energy executives ever held in Houston that "it is time to make the energy industry great again." This was a nod to the slogan Make America Great Again of U.S. president Donald Trump.
He said that XRG will be investing a lot in the United States over the next few months.
XRG will invest in the entire gas supply chain from exploration to distribution. They want to be a gas one-stop shop, he added.
Trump reversed many of the energy policies that his predecessor Joe Biden had implemented in the first weeks of his presidency. Trump has urged the industry to maximize production. However, under Biden, there were very few controls on production. Oil and gas production reached record levels.
Trump ordered that
The following is a list of withdrawals
In January, the United States withdrew from the United Nations Climate Agreement of Paris. This was the second time since a decade that the United States had been removed from global efforts against climate change.
Jaber said that it is time to implement a pragmatic energy policy as the world requires all types of energy supplies to meet its rising demand.
Jaber presided at the UN's COP 28 climate talks that took place in December 2023 in the United Arab Emirates. It was controversial to appoint a chief executive of the oil industry to lead climate talks.
Jaber stated that he wanted to bring realism and pragmatics into the climate change discussions when he was given this mandate.
He said that the race to be supreme in artificial intelligence was essentially a game of energy due to the enormous power required for AI data processing.
He added that XRG is designed to meet the rapidly growing demand for energy in AI. (Reporting and editing by Margueritachoy; Simon Webb)
(source: Reuters)
