Abu Dhabi’s financially backed group XRG and British oil and gas major BP have closed a deal to set up a new natural gas joint venture in Egypt. The new JV will be called Arcius Energy, 51% owned by BP and 40% by XRG, with Egypt as its main focus. In statements to the press, BP CEO Murray Auchincloss said, 'Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region.
’s substantial war chest, worth several hundred billion dollars, is now being deployed aggressively. XRG was established in recent weeks, and . XRG’s Global Chemicals division aims to become a top-5 global chemical player, driven by expectations that demand for chemicals will increase by 70%. The group’s Low Carbon Energies unit focuses on cleaner energy, particularly low-carbon ammonia.
’s continued expansion of its crude oil production capacity. In May 2024, acquired a 24.9% shareholding in Austrian energy and chemicals company OMV AG from Mubadala Investment Company. Diversification and monetization of assets have become a strategic priority. Following several successful IPOs,