ADNOC moves stakes in listed units to XRG in internal transfer

Dubai: Abu Dhabi National Oil Company (ADNOC) has transferred its shareholdings in several of its listed subsidiaries to XRG P.J.S.C., its wholly owned international energy investment arm.

ADNOC will maintain full control of the businesses through its 100% ownership of XRG, even with this latest move, it stressed, describing the development as an 'internal restructuring'.

The shareholdings moved under XRG include:

The transfer of ADNOC Distribution, ADNOC Gas, and ADNOC Logistics & Services was completed today through an off-market transaction on the Abu Dhabi Securities Exchange (ADX). ADNOC Drilling will follow once approvals are secured.

As part of its wider portfolio strategy, ADNOC confirmed that XRG will also hold its stakes in Fertiglobe, and in the planned Borouge Group International (BGI). BGI is expected to combine Borouge and Borealis, and acquire Nova Chemicals, subject to regulatory approvals.

ADNOC further added that the transfers will not affect the day-to-day operations, leadership, or strategies of the listed companies. Dividend policies remain unchanged.

By consolidating stakes into XRG, ADNOC aims to enhance the unit’s scale and financial position. The company said XRG will benefit from stable dividend streams generated by the listed firms, supporting its long-term growth and investment plans.

ADNOC framed the transfers as part of its effort to strengthen its investment platform while keeping capital discipline at the core. The company reaffirmed its focus on long-term value creation for shareholders and the UAE economy.