XRG PJSC has taken over ADNOC Distribution PJSC, ADNOC Gas PLC and ADNOC Logistics and Services PLC, ADNOC said in a recent statement. ADNOC Drilling Co PJSC’s transfer was awaiting regulatory approvals, ADNOC said.
The agreement establishes an expanded framework between the companies, already longtime collaborators, to partner on the provision of maritime and integrated logistics services for offshore EPC projects.
ADNOC has begun drilling horizontal wells and testing oil to the surface at a shale block operated by EOG Resources in the Al Dhafra region of Abu Dhabi, Reuters reported on Tuesday.
ADNOC L&S was first listed on the Abu Dhabi Securities Exchange in a June 2023 IPO that raised USD 769 million for parent company ADNOC, which retained an 81% stake. This secondary offering follows ADNOC’s marketed placement of ADNOC Gas shares in February 2025, which raised USD 2.84 billion.
With the deal, IndianOil is on track to become ADNOC’s largest LNG customer by 2029. The company will account for a total offtake of 2.2 million tpy, of which 1.2 million tpy from Das Island under a contract signed in February 2025 with ADNOC Gas and 1 million tpy from Ruwais under this latest deal.
The initial order includes around 1,000 G6 single-gas detectors and 1,200 Blackline Location Beacons, supported by four years of service. The deal was won through UAE channel partner Al Masaood.
“While discussions and final confirmatory due diligence have continued to be collaborative, the parties are yet to reach agreement on acceptable terms of a binding SIA [scheme implementation agreement]. Further, Santos has this week been informed by the XRG consortium that even if the terms of an SIA were agreed and final due diligence was complete, it will still not be in a position to sign a binding SIA, as it is yet to obtain requisite final approvals which are required by the XRG consortium in order to enter into a binding transaction”.
ADNOC Gas chief executive Fatema Al Nuaimi said, “This long-term agreement with HPCL, our third with Indian companies in the past year, reflects the robust energy partnership between the UAE and India. This milestone underscores ADNOC Gas’ ability to reliably meet rising global demand for LNG and support India’s ambition to increase natural gas to 15 percent of its primary energy mix by 2030”.
“The preliminary investigation indicates that ADNOC and Covestro may receive foreign subsidies distorting the EU internal market”, the Commission said in a statement online. “The possible foreign subsidies notably include an unlimited guarantee from the UAE, as well as a committed capital increase by ADNOC into Covestro.
Last March, OMV and ADNOC signed an agreement to consolidate their polyolefin businesses, with ADNOC also agreeing to acquire NOVA Chemicals Corp. to be transferred to the new joint venture (JV). Under the agreement Borealis AG and Borouge PLC will merge to form Borouge Group International.