bp, ADNOC’s XRG complete financial close for Arcius Energy JV
Updated 12/16/2024 9:32:00 AM
Arab Finance: The UK-based bp and XRG, ADNOC’s transformative energy investment company, have reached a financial close and completed the formation of their new joint venture (JV) and international natural gas platform, Arcius Energy, as per an emailed press release.
The JV is 51% owned by bp and 49% by XRG. It aims to leverage both companies’ deep technical capabilities and proven development track records to establish a highly competitive gas portfolio.
Arcius Energy will initially operate in Egypt, as it has interests assigned by bp across two development concessions and exploration agreements.
“The formation of Arcius Energy marks an exciting new chapter in our long-standing partnership with bp, and fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a world-scale integrated gas and chemicals portfolio to meet rising global demand,” Sultan Ahmed Al Jaber, Executive Chairman of XRG, said.
“This progressive partnership will unlock a lower-carbon transition fuel to build a future where smarter, cleaner, and more affordable energy is accessible for Egypt and the world," Al Jaber added.
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