ADNOC Seeks Canadian Energy Opportunities Through XRG Arm
Abu Dhabi National Oil Company (ADNOC) is exploring opportunities in Canada's upstream and liquefied natural gas sectors through its international arm XRG. Musabbeh Al Kaabi, ADNOC's CEO of Upstream, expressed enthusiasm for Canada's renewed focus on energy development during a recent visit to the Global Energy Show in Calgary.
Canada is seeking to diversify exports beyond the US market due to tariff threats from President Donald Trump. The country aims to market itself as a source of safe and secure energy amidst global uncertainty, according to Natural Resources Minister Tim Hodgson.
ADNOC already has a presence in Canada through its portfolio company Nova Chemicals, which operates in Alberta. The company is looking to expand its investments abroad, particularly through XRG, its foreign investment arm. This move follows the UAE's efforts to increase energy investments worldwide.