ADNOC starts $80 billion investment fund for chemicals, energy

Abu Dhabi National Oil Company (ADNOC) is launching an $80 billion fund to invest in energy and chemicals. ADNOC intends the fund, named XRG, to become a “top 5 global chemicals player,” according to the announcement. XRG will also invest in natural gas and low-carbon energy. ADNOC has already been investing in chemicals. In October, it signed an agreement to buy the German polyurethanes maker Covestro for $16.3 billion. That same month, it completed the purchase of OCI Global’s stake in the nitrogen fertilizer joint venture Fertiglobe for $3.6 billion.