{"id":4259,"date":"2026-09-25T11:52:44","date_gmt":"2026-09-25T11:52:44","guid":{"rendered":"https:\/\/projectfifty4.com\/what-has-xrg-acquired\/"},"modified":"2026-09-26T20:29:50","modified_gmt":"2026-09-26T20:29:50","slug":"what-has-xrg-acquired","status":"publish","type":"post","link":"https:\/\/projectfifty4.com\/ar\/what-has-xrg-acquired\/","title":{"rendered":"What Has XRG Acquired? Every Completed Deal, Bid and Withdrawal"},"content":{"rendered":"

XRG, ADNOC's international investment arm, is routinely credited with a portfolio it did not buy. Most of the headline number is a balance sheet transfer from its own parent. This answer separates the three categories that coverage keeps blurring: assets contributed by ADNOC at formation, third party acquisitions XRG actually completed, and bids it made and walked away from.<\/strong><\/p>\n

\u0645\u0627 \u0627\u0644\u0630\u064a \u0627\u0633\u062a\u062d\u0648\u0630\u062a \u0639\u0644\u064a\u0647 \u0634\u0631\u0643\u0629 XRG\u061f<\/h2>\n

XRG’s largest completed third party acquisition is Covestro, the German polymers producer, at an enterprise value of 14.7 billion euros and 62 euros per share. That deal completed on 10 December 2025 at 95.1 percent acceptance, Covestro delisted on 5 May 2026, and a squeeze out at 59.46 euros per share was approved on 19 May 2026. It is the largest acquisition ADNOC has ever made. Alongside it XRG has bought 10 percent of Mozambique Area 4 from Galp for 1.4 billion dollars, equity across all five trains of Rio Grande LNG in Texas, 12.5 percent of Azerbaijan’s Southern Gas Corridor, 30 percent of Absheron, 38 percent of Turkmenistan Block I and 49 percent of Arcius Energy, its Egyptian gas joint venture with bp. Its one high profile failure is Santos: an 18.7 billion dollar consortium bid with ADQ and Carlyle, made in June 2025 and withdrawn on 17 September 2025. Critically, the bulk of XRG’s stated enterprise value of over 150 billion dollars was not acquired at all. It was contributed by ADNOC from its own balance sheet.<\/p>\n

\u0627\u0644\u0648\u062c\u0628\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629<\/h2>\n
    \n
  • Covestro is the real deal. Completed 10 December 2025 at an enterprise value of 14.7 billion euros, it is ADNOC’s largest acquisition ever and the anchor of XRG’s chemicals platform.<\/li>\n
  • The Covestro clearance is the precedent worth studying. The European Commission cleared it conditionally on 14 November 2025 after only the second ever Phase II investigation under the Foreign Subsidies Regulation. The remedies were removal of an unlimited UAE state guarantee and ten years of EU access to Covestro’s sustainability intellectual property.<\/li>\n
  • Most of the portfolio was not bought. On 11 September 2025 ADNOC transferred ADNOC Gas, ADNOC Drilling, ADNOC Distribution and ADNOC Logistics and Services into XRG, alongside an 86.2 percent holding in Fertiglobe and a planned 24.9 percent OMV stake. That was an intra group contribution with no cash, no premium and no third party.<\/li>\n
  • That transfer, not M&A, explains the headline number. XRG’s stated enterprise value moved from over 80 billion dollars at launch in November 2024 to over 150 billion dollars today. The gap is balance sheet reorganisation plus Covestro and Borouge, not 70 billion dollars of dealmaking.<\/li>\n
  • Santos is the instructive failure. Santos stated the consortium would not accept terms protecting shareholder value given the extended timeframe and regulatory risk, would not accept an appropriate risk allocation on securing approvals, and would not commit on domestic gas supply.<\/li>\n
  • Gas is the through line. Mozambique, Azerbaijan, Turkmenistan, Egypt, Texas LNG and a pending Vaca Muerta position describe an international gas book being assembled deliberately, with chemicals as the demand side hedge.<\/li>\n<\/ul>\n

    Seven completed third party positions, one of them very large<\/h2>\n

    XRG was launched in November 2024 as ADNOC’s international investment arm, with a mandate spanning international gas, chemicals and low carbon energy and a stated enterprise value of over 80 billion dollars. The completed third party transactions since then fall into two clear buckets: one very large chemicals platform acquisition, and a series of international gas stakes.<\/p>\n

    The chemicals side is Covestro. XRG acquired the German polymers producer at an enterprise value of 14.7 billion euros, 62 euros per share, completing on 10 December 2025 with 95.1 percent acceptance. Covestro delisted from the Frankfurt exchange on 5 May 2026 and a squeeze out at 59.46 euros per share was approved on 19 May 2026. It is the largest acquisition ADNOC has ever made, and the regulatory path is as significant as the price.<\/p>\n

    Alongside it sits Borouge International, a 50\/50 combination with OMV completed on 31 March 2026, into which the new entity folded NOVA Chemicals. That is a hybrid: part contribution of existing assets, part genuine third party purchase. Reading it as a pure acquisition overstates the cash deployed.<\/p>\n

    The gas positions are smaller individually and more coherent as a set. XRG bought 10 percent of Mozambique Area 4 from Galp for 1.4 billion dollars, completing on 28 March 2025. It acquired 11.7 percent of Rio Grande LNG Phase 1 in Texas, completing 25 September 2025, then 7.6 percent of Phase 2, announced 26 January 2026 and completed in early July 2026 after CFIUS clearance, giving it equity across all five trains. It took 12.5 percent of Azerbaijan’s Southern Gas Corridor from the Ministry of Economy, signed in February 2026 and completing around 15 September 2026. It holds 30 percent of Absheron, 38 percent of Turkmenistan Block I, and 49 percent of Arcius Energy, its Egyptian gas joint venture with bp.<\/p>\n

    Two positions are announced but not closed. A 32 percent interest in Vaca Muerta alongside Eni and YPF was announced on 29 June 2026, and a Venezuelan Loran phase two position was announced on 14 August 2026.<\/p>\n

    Anything beyond that list is rumour. Reported interest in Energos Infrastructure and in a portion of PetroChina’s stake in LNG Canada appeared in September 2026 with no agreement announced by either party. They should not be described as holdings.<\/p>\n

    Because most of it was handed over, not purchased<\/h2>\n

    This is the single most common error in coverage of XRG, and it materially misstates what the entity is. On 11 September 2025 ADNOC transferred a set of its own holdings into XRG: ADNOC Gas, ADNOC Drilling, ADNOC Distribution and ADNOC Logistics and Services, alongside confirmation that an 86.2 percent stake in Fertiglobe sits inside XRG and a planned transfer of a 24.9 percent holding in OMV.<\/p>\n

    That was an intra group contribution. No cash changed hands, no premium was paid, and no third party was involved. ADNOC’s stated purpose was access to stable and attractive dividend streams. It is a balance sheet reorganisation, and it is the correct way to read the headline number.<\/p>\n

    XRG’s stated enterprise value moved from over 80 billion dollars at launch in November 2024, reaffirmed in June 2025, to over 150 billion dollars as stated today. The difference is that contribution plus Covestro and Borouge. It is not 70 billion dollars of acquisitions, and treating it as such produces a badly wrong picture of how much capital XRG has actually deployed into the market.<\/p>\n

    The distinction matters commercially for anyone selling to or competing with XRG. Contributed assets come with existing supplier relationships, existing procurement frameworks and existing contracts. Acquired assets, particularly Covestro, come with an integration programme and a live vendor review. Those are different sales situations on a different clock.<\/p>\n

    For the same reason, XRG’s appetite should be judged on the acquisition column rather than the valuation. On that measure it has been active but disciplined: one very large chemicals platform, a deliberate international gas book, and a willingness to walk away from a headline deal when the terms did not hold.<\/p>\n

    Three refusals, all of them about who carries regulatory risk<\/h2>\n

    In June 2025 a consortium of XRG, ADQ and Carlyle made an indicative 18.7 billion dollar approach for Santos, the Australian gas producer. The bid was withdrawn on 17 September 2025.<\/p>\n

    Santos’s own account of the breakdown is specific and worth reading closely, because it is a clean statement of what killed a deal of that size. The consortium would not accept terms protecting shareholder value given the extended timeframe and regulatory risk. It would not accept an appropriate risk allocation on securing approvals. And it would not commit on domestic gas supply.<\/p>\n

    All three objections are the same objection in different clothing: who carries the cost of a long, uncertain Australian approvals process, and what happens to the seller’s shareholders while it runs. For a state linked buyer acquiring strategic energy infrastructure in a jurisdiction with foreign investment review and domestic supply politics, that risk is not theoretical, and the Covestro precedent shows why the consortium was reluctant to underwrite it.<\/p>\n

    The Covestro clearance is the reference point. The European Commission cleared that deal conditionally on 14 November 2025, but only after the second ever Phase II investigation under the Foreign Subsidies Regulation. The remedies were substantive: removal of an unlimited UAE state guarantee, and ten years of EU access to Covestro’s sustainability intellectual property. A buyer that has just been through that process has a realistic view of what approval risk costs, and a well advised seller knows to price it.<\/p>\n

    The practical lesson for energy B2B is that sovereign linked capital now carries a regulatory premium that shows up in deal terms rather than in headline price. For suppliers, that translates into longer timelines between announcement and any change in procurement, which is exactly the window in which incumbent relationships are either defended or lost.<\/p>\n

    One correction worth making, because coverage blurs it: Aethon Energy was acquired by Mitsubishi for 7.5 billion dollars, closing in July 2026. It is not an XRG asset. Nor is there evidence linking XRG to Phoenix Global Resources.<\/p>\n

    \u0627\u0644\u062a\u0639\u0644\u064a\u0645\u0627\u062a<\/h2>\n

    \u0645\u0627 \u0647\u0648 XRG\u061f<\/h3>\n

    XRG is ADNOC’s international investment arm, launched in November 2024 with a mandate covering international gas, chemicals and low carbon energy. Dr Sultan Al Jaber is Executive Chairman and, since November 2025, also Chief Executive. Its stated enterprise value is over 150 billion dollars, though most of that reflects assets contributed by ADNOC rather than acquisitions.<\/p>\n

    Was the Covestro acquisition completed?<\/h3>\n

    Yes. XRG acquired Covestro at an enterprise value of 14.7 billion euros, 62 euros per share, completing on 10 December 2025 with 95.1 percent acceptance. Covestro delisted on 5 May 2026 and a squeeze out at 59.46 euros per share was approved on 19 May 2026. The European Commission cleared it conditionally on 14 November 2025 following only the second Phase II investigation ever conducted under the Foreign Subsidies Regulation.<\/p>\n

    Did XRG buy Santos?<\/h3>\n

    No. XRG, ADQ and Carlyle made an indicative 18.7 billion dollar approach in June 2025 and withdrew it on 17 September 2025. Santos stated that the consortium would not accept terms protecting shareholder value given the extended timeframe and regulatory risk, would not accept an appropriate risk allocation on securing approvals, and would not commit on domestic gas supply.<\/p>\n

    Does XRG own ADNOC Gas and Fertiglobe?<\/h3>\n

    Yes, but it did not buy them. On 11 September 2025 ADNOC transferred ADNOC Gas, ADNOC Drilling, ADNOC Distribution and ADNOC Logistics and Services into XRG, confirmed that an 86.2 percent stake in Fertiglobe sits inside XRG, and planned a transfer of a 24.9 percent OMV holding. That was an intra group contribution with no cash consideration, not a market transaction.<\/p>\n

    How much has XRG actually spent on acquisitions?<\/h3>\n

    Far less than its 150 billion dollar enterprise value implies. The disclosed figures are 14.7 billion euros of enterprise value for Covestro and 1.4 billion dollars for 10 percent of Mozambique Area 4. Values for the Rio Grande LNG, Southern Gas Corridor, Absheron, Turkmenistan and Arcius positions were not disclosed. The gap between deployed capital and stated valuation is the ADNOC contribution.<\/p>","protected":false},"excerpt":{"rendered":"

    XRG, ADNOC’s international investment arm, is routinely credited with a portfolio it did not buy. Most of the headline number is a balance sheet transfer from its own parent. This answer separates the three categories that coverage keeps blurring: assets contributed by ADNOC at formation, third part<\/p>","protected":false},"author":12,"featured_media":4253,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"p54_article_data":"{\"meta\": {\"kicker\": \"Answer \u00b7 Corporate Strategy\", \"topics\": [\"Energy\", \"Strategy\"], \"title\": \"What Has XRG Acquired? Every Completed Deal, Bid and Withdrawal\", \"dek\": \"XRG, ADNOC's international investment arm, is routinely credited with a portfolio it did not buy. Most of the headline number is a balance sheet transfer from its own parent. This answer separates the three categories that coverage keeps blurring: assets contributed by ADNOC at formation, third party acquisitions XRG actually completed, and bids it made and walked away from.\", \"date\": \"25 September 2026\", \"readTime\": \"9 min read\", \"author\": \"Project 54, Research & Strategy\"}, \"quickAnswer\": {\"q\": \"What has XRG acquired?\", \"a\": \"XRG's largest completed third party acquisition is Covestro, the German polymers producer, at an enterprise value of 14.7 billion euros and 62 euros per share. That deal completed on 10 December 2025 at 95.1 percent acceptance, Covestro delisted on 5 May 2026, and a squeeze out at 59.46 euros per share was approved on 19 May 2026. It is the largest acquisition ADNOC has ever made. Alongside it XRG has bought 10 percent of Mozambique Area 4 from Galp for 1.4 billion dollars, equity across all five trains of Rio Grande LNG in Texas, 12.5 percent of Azerbaijan's Southern Gas Corridor, 30 percent of Absheron, 38 percent of Turkmenistan Block I and 49 percent of Arcius Energy, its Egyptian gas joint venture with bp. Its one high profile failure is Santos: an 18.7 billion dollar consortium bid with ADQ and Carlyle, made in June 2025 and withdrawn on 17 September 2025. Critically, the bulk of XRG's stated enterprise value of over 150 billion dollars was not acquired at all. It was contributed by ADNOC from its own balance sheet.\"}, \"takeaways\": [\"Covestro is the real deal. Completed 10 December 2025 at an enterprise value of 14.7 billion euros, it is ADNOC's largest acquisition ever and the anchor of XRG's chemicals platform.\", \"The Covestro clearance is the precedent worth studying. The European Commission cleared it conditionally on 14 November 2025 after only the second ever Phase II investigation under the Foreign Subsidies Regulation. The remedies were removal of an unlimited UAE state guarantee and ten years of EU access to Covestro's sustainability intellectual property.\", \"Most of the portfolio was not bought. On 11 September 2025 ADNOC transferred ADNOC Gas, ADNOC Drilling, ADNOC Distribution and ADNOC Logistics and Services into XRG, alongside an 86.2 percent holding in Fertiglobe and a planned 24.9 percent OMV stake. That was an intra group contribution with no cash, no premium and no third party.\", \"That transfer, not M&A, explains the headline number. XRG's stated enterprise value moved from over 80 billion dollars at launch in November 2024 to over 150 billion dollars today. The gap is balance sheet reorganisation plus Covestro and Borouge, not 70 billion dollars of dealmaking.\", \"Santos is the instructive failure. Santos stated the consortium would not accept terms protecting shareholder value given the extended timeframe and regulatory risk, would not accept an appropriate risk allocation on securing approvals, and would not commit on domestic gas supply.\", \"Gas is the through line. Mozambique, Azerbaijan, Turkmenistan, Egypt, Texas LNG and a pending Vaca Muerta position describe an international gas book being assembled deliberately, with chemicals as the demand side hedge.\"], \"sections\": [{\"id\": \"completed\", \"q\": \"Which acquisitions has XRG actually completed?\", \"h\": \"Seven completed third party positions, one of them very large\", \"p\": [\"XRG was launched in November 2024 as ADNOC's international investment arm, with a mandate spanning international gas, chemicals and low carbon energy and a stated enterprise value of over 80 billion dollars. The completed third party transactions since then fall into two clear buckets: one very large chemicals platform acquisition, and a series of international gas stakes.\", \"The chemicals side is Covestro. XRG acquired the German polymers producer at an enterprise value of 14.7 billion euros, 62 euros per share, completing on 10 December 2025 with 95.1 percent acceptance. Covestro delisted from the Frankfurt exchange on 5 May 2026 and a squeeze out at 59.46 euros per share was approved on 19 May 2026. It is the largest acquisition ADNOC has ever made, and the regulatory path is as significant as the price.\", \"Alongside it sits Borouge International, a 50\/50 combination with OMV completed on 31 March 2026, into which the new entity folded NOVA Chemicals. That is a hybrid: part contribution of existing assets, part genuine third party purchase. Reading it as a pure acquisition overstates the cash deployed.\", \"The gas positions are smaller individually and more coherent as a set. XRG bought 10 percent of Mozambique Area 4 from Galp for 1.4 billion dollars, completing on 28 March 2025. It acquired 11.7 percent of Rio Grande LNG Phase 1 in Texas, completing 25 September 2025, then 7.6 percent of Phase 2, announced 26 January 2026 and completed in early July 2026 after CFIUS clearance, giving it equity across all five trains. It took 12.5 percent of Azerbaijan's Southern Gas Corridor from the Ministry of Economy, signed in February 2026 and completing around 15 September 2026. It holds 30 percent of Absheron, 38 percent of Turkmenistan Block I, and 49 percent of Arcius Energy, its Egyptian gas joint venture with bp.\", \"Two positions are announced but not closed. A 32 percent interest in Vaca Muerta alongside Eni and YPF was announced on 29 June 2026, and a Venezuelan Loran phase two position was announced on 14 August 2026.\", \"Anything beyond that list is rumour. Reported interest in Energos Infrastructure and in a portion of PetroChina's stake in LNG Canada appeared in September 2026 with no agreement announced by either party. They should not be described as holdings.\"], \"table\": {\"cols\": [\"Target\", \"Stake\", \"Value\", \"Status\"], \"rows\": [[\"Covestro (Germany, chemicals)\", \"95.1%, squeeze out approved\", \"EUR 14.7bn enterprise value\", \"Completed 10 Dec 2025\"], [\"Borouge International \/ NOVA Chemicals\", \"50\/50 with OMV\", \"Not disclosed as single figure\", \"Completed 31 Mar 2026\"], [\"Mozambique Area 4\", \"10% from Galp\", \"USD 1.4bn\", \"Completed 28 Mar 2025\"], [\"Rio Grande LNG Phase 1 (US)\", \"11.7%\", \"Not disclosed\", \"Completed 25 Sep 2025\"], [\"Rio Grande LNG Phase 2 (US)\", \"7.6%\", \"Not disclosed\", \"Completed early Jul 2026\"], [\"Southern Gas Corridor (Azerbaijan)\", \"12.5%\", \"Not disclosed\", \"Completed c. 15 Sep 2026\"], [\"Arcius Energy (Egypt, bp JV)\", \"49%\", \"Not disclosed\", \"Completed\"], [\"Vaca Muerta (Argentina)\", \"32% with Eni and YPF\", \"Not disclosed\", \"Announced 29 Jun 2026, pending\"], [\"Santos (Australia)\", \"Consortium bid with ADQ and Carlyle\", \"USD 18.7bn\", \"Withdrawn 17 Sep 2025\"]]}}, {\"id\": \"contributed\", \"q\": \"Why is XRG valued at over 150 billion dollars if it has bought far less than that?\", \"h\": \"Because most of it was handed over, not purchased\", \"p\": [\"This is the single most common error in coverage of XRG, and it materially misstates what the entity is. On 11 September 2025 ADNOC transferred a set of its own holdings into XRG: ADNOC Gas, ADNOC Drilling, ADNOC Distribution and ADNOC Logistics and Services, alongside confirmation that an 86.2 percent stake in Fertiglobe sits inside XRG and a planned transfer of a 24.9 percent holding in OMV.\", \"That was an intra group contribution. No cash changed hands, no premium was paid, and no third party was involved. ADNOC's stated purpose was access to stable and attractive dividend streams. It is a balance sheet reorganisation, and it is the correct way to read the headline number.\", \"XRG's stated enterprise value moved from over 80 billion dollars at launch in November 2024, reaffirmed in June 2025, to over 150 billion dollars as stated today. The difference is that contribution plus Covestro and Borouge. It is not 70 billion dollars of acquisitions, and treating it as such produces a badly wrong picture of how much capital XRG has actually deployed into the market.\", \"The distinction matters commercially for anyone selling to or competing with XRG. Contributed assets come with existing supplier relationships, existing procurement frameworks and existing contracts. Acquired assets, particularly Covestro, come with an integration programme and a live vendor review. Those are different sales situations on a different clock.\", \"For the same reason, XRG's appetite should be judged on the acquisition column rather than the valuation. On that measure it has been active but disciplined: one very large chemicals platform, a deliberate international gas book, and a willingness to walk away from a headline deal when the terms did not hold.\"]}, {\"id\": \"santos\", \"q\": \"Why did the Santos bid fail?\", \"h\": \"Three refusals, all of them about who carries regulatory risk\", \"p\": [\"In June 2025 a consortium of XRG, ADQ and Carlyle made an indicative 18.7 billion dollar approach for Santos, the Australian gas producer. The bid was withdrawn on 17 September 2025.\", \"Santos's own account of the breakdown is specific and worth reading closely, because it is a clean statement of what killed a deal of that size. The consortium would not accept terms protecting shareholder value given the extended timeframe and regulatory risk. It would not accept an appropriate risk allocation on securing approvals. And it would not commit on domestic gas supply.\", \"All three objections are the same objection in different clothing: who carries the cost of a long, uncertain Australian approvals process, and what happens to the seller's shareholders while it runs. For a state linked buyer acquiring strategic energy infrastructure in a jurisdiction with foreign investment review and domestic supply politics, that risk is not theoretical, and the Covestro precedent shows why the consortium was reluctant to underwrite it.\", \"The Covestro clearance is the reference point. The European Commission cleared that deal conditionally on 14 November 2025, but only after the second ever Phase II investigation under the Foreign Subsidies Regulation. The remedies were substantive: removal of an unlimited UAE state guarantee, and ten years of EU access to Covestro's sustainability intellectual property. A buyer that has just been through that process has a realistic view of what approval risk costs, and a well advised seller knows to price it.\", \"The practical lesson for energy B2B is that sovereign linked capital now carries a regulatory premium that shows up in deal terms rather than in headline price. For suppliers, that translates into longer timelines between announcement and any change in procurement, which is exactly the window in which incumbent relationships are either defended or lost.\", \"One correction worth making, because coverage blurs it: Aethon Energy was acquired by Mitsubishi for 7.5 billion dollars, closing in July 2026. It is not an XRG asset. Nor is there evidence linking XRG to Phoenix Global Resources.\"]}], \"media\": {\"image\": {\"src\": \"\/wp-content\/uploads\/2026\/09\/xrg-acquisitions-gas-chemicals-complex.jpg\", \"label\": \"Gas upstream and chemicals downstream: the two halves of the book XRG has actually bought.\", \"credit\": \"Project 54\"}, \"infographicLabel\": \"Three categories coverage keeps blurring: contributed by ADNOC, acquired from third parties, and bid for then withdrawn.\", \"pdf\": {\"href\": \"https:\/\/projectfifty4.com\/wp-content\/uploads\/2026\/09\/what-has-xrg-acquired.pdf\", \"title\": \"What Has XRG Acquired, Slide Deck\", \"meta\": \"PDF \u00b7 briefing deck\"}}, \"poll\": {\"q\": \"What is XRG most likely to buy next?\", \"options\": [{\"id\": \"a\", \"label\": \"More international gas equity\", \"insight\": \"The completed book points this way: Mozambique, Azerbaijan, Turkmenistan, Egypt and Texas LNG describe a deliberate international gas strategy rather than opportunism.\"}, {\"id\": \"b\", \"label\": \"Another large chemicals platform\", \"insight\": \"Possible, but Covestro plus Borouge is a substantial integration programme already. Chemicals reads as the demand side hedge on the gas book rather than the main event.\"}, {\"id\": \"c\", \"label\": \"LNG shipping and infrastructure\", \"insight\": \"Reported interest in Energos Infrastructure in September 2026 was never confirmed by either party, so it is rumour rather than a position. Infrastructure would complete the chain it has built upstream.\"}, {\"id\": \"d\", \"label\": \"Low carbon and hydrogen\", \"insight\": \"The mandate includes it, but the evidence is thin. The Baytown hydrogen position is stalled after ExxonMobil paused the project indefinitely in November 2025.\"}], \"note\": \"Responses are anonymous and are used to shape future Project 54 research on energy corporate strategy.\"}, \"faq\": [{\"q\": \"What is XRG?\", \"a\": \"XRG is ADNOC's international investment arm, launched in November 2024 with a mandate covering international gas, chemicals and low carbon energy. Dr Sultan Al Jaber is Executive Chairman and, since November 2025, also Chief Executive. Its stated enterprise value is over 150 billion dollars, though most of that reflects assets contributed by ADNOC rather than acquisitions.\"}, {\"q\": \"Was the Covestro acquisition completed?\", \"a\": \"Yes. XRG acquired Covestro at an enterprise value of 14.7 billion euros, 62 euros per share, completing on 10 December 2025 with 95.1 percent acceptance. Covestro delisted on 5 May 2026 and a squeeze out at 59.46 euros per share was approved on 19 May 2026. The European Commission cleared it conditionally on 14 November 2025 following only the second Phase II investigation ever conducted under the Foreign Subsidies Regulation.\"}, {\"q\": \"Did XRG buy Santos?\", \"a\": \"No. XRG, ADQ and Carlyle made an indicative 18.7 billion dollar approach in June 2025 and withdrew it on 17 September 2025. Santos stated that the consortium would not accept terms protecting shareholder value given the extended timeframe and regulatory risk, would not accept an appropriate risk allocation on securing approvals, and would not commit on domestic gas supply.\"}, {\"q\": \"Does XRG own ADNOC Gas and Fertiglobe?\", \"a\": \"Yes, but it did not buy them. On 11 September 2025 ADNOC transferred ADNOC Gas, ADNOC Drilling, ADNOC Distribution and ADNOC Logistics and Services into XRG, confirmed that an 86.2 percent stake in Fertiglobe sits inside XRG, and planned a transfer of a 24.9 percent OMV holding. That was an intra group contribution with no cash consideration, not a market transaction.\"}, {\"q\": \"How much has XRG actually spent on acquisitions?\", \"a\": \"Far less than its 150 billion dollar enterprise value implies. The disclosed figures are 14.7 billion euros of enterprise value for Covestro and 1.4 billion dollars for 10 percent of Mozambique Area 4. Values for the Rio Grande LNG, Southern Gas Corridor, Absheron, Turkmenistan and Arcius positions were not disclosed. The gap between deployed capital and stated valuation is the ADNOC contribution.\"}], \"related\": [{\"title\": \"Who Owns XRG?\", \"topic\": \"Energy\", \"href\": \"https:\/\/projectfifty4.com\/who-owns-xrg\/\"}, {\"title\": \"How Much Is XRG Worth?\", \"topic\": \"Energy\", \"href\": \"https:\/\/projectfifty4.com\/how-much-is-xrg-worth\/\"}, {\"title\": \"Is XRG Private Equity or an Energy Operator?\", \"topic\": \"Energy\", \"href\": \"https:\/\/projectfifty4.com\/is-xrg-private-equity-or-energy-operator\/\"}, {\"title\": \"ADNOC, XRG and the Gas, Chemicals and AI Bet\", \"topic\": \"Energy\", \"href\": \"https:\/\/projectfifty4.com\/adnoc-xrg-gas-chemicals-ai-bet\/\"}, {\"title\": \"Santos Standalone Strategy After the XRG Bid\", \"topic\": \"Energy\", \"href\": \"https:\/\/projectfifty4.com\/santos-standalone-strategy-after-xrg-2026\/\"}, {\"title\": \"What XRG Means for Suppliers and Competitors\", \"topic\": \"Corporate Strategy\", \"href\": \"https:\/\/projectfifty4.com\/what-xrg-means-for-suppliers\/\"}], \"newsletter\": {\"kicker\": \"The Energy Growth Brief\", \"title\": [\"Intelligence,\", \"to your inbox\"], \"body\": \"Join energy and industrial leaders getting our marketing, AI-growth and revenue-architecture intelligence, direct, no filler.\", \"placeholder\": \"you@company.com\", \"cta\": \"Subscribe\", \"note\": \"No spam. Unsubscribe anytime. We read every reply.\"}}","p54_faq":"","p54_media":"","p54_comments_enabled":"","footnotes":""},"categories":[92,125],"tags":[],"class_list":["post-4259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-strategy"],"acf":[],"_links":{"self":[{"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/posts\/4259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/comments?post=4259"}],"version-history":[{"count":1,"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/posts\/4259\/revisions"}],"predecessor-version":[{"id":4261,"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/posts\/4259\/revisions\/4261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/media\/4253"}],"wp:attachment":[{"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/media?parent=4259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/categories?post=4259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/projectfifty4.com\/ar\/wp-json\/wp\/v2\/tags?post=4259"}],"curies":[{"name":"\u0648\u0648\u0631\u062f\u0628\u0631\u064a\u0633","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}