Abu Dhabi National Oil Company (ADNOC) announced on September 11, 2025, that it will transfer its equity stakes in several of its listed companies to XRG P.J.S.C. (XRG), which is ADNOC’s wholly-owned international energy investment company. ADNOC stated that it will continue to retain control and ultimate ownership of these companies through its full ownership of XRG.
According to the company, the internal administrative share transfers will not affect the daily operations, leadership teams, or strategic direction of the listed entities. The dividend policies for these companies are also expected to remain unchanged.
The move is intended to strengthen XRG’s financial position and support its long-term development by providing access to stable dividend streams from the listed companies’ existing growth and capital return plans.
The companies included in this transfer are Abu Dhabi National Oil Company for Distribution P.J.S.C. (ADNOC Distribution), ADNOC Drilling Company P.J.S.C. (ADNOC Drilling), ADNOC Gas plc (ADNOC Gas), and ADNOC Logistics and Services plc (ADNOC Logistics & Services).
As part of previously announced plans, after regulatory approvals and completion of transactions involving Borouge plc and Borealis AG into a new entity called Borouge Group International (BGI)—with BGI set to acquire NOVA Chemicals Inc.—ADNOC’s stake in BGI will also be transferred to XRG. Additionally, ADNOC confirmed that its entire stake in Fertiglobe plc is already held through XRG.
The majority shareholdings in ADNOC Distribution, ADNOC Gas, and ADNOC Logistics & Services were transferred earlier on September 11 via an off-market transaction on the Abu Dhabi Securities Exchange (ADX). The transfer of shares in ADNOC Drilling will take place following regulatory approval.
“ADNOC will continue to retain control and ultimate ownership of the listed companies through its 100% shareholding of XRG and reaffirms its commitment to long-term value creation and capital discipline.”
“The internal administrative share transfers will have no impact on the day-to-day operations, leadership teams, or strategic direction of the respective listed companies. The dividend policies of the listed companies remain unchanged, consistent with ADNOC’s track record of delivering predictable and sustainable returns.”
“These internal transfers will further strengthen XRG’s size and financial position, and drive its long-term development, through access to stable and attractive dividend streams, supported by the listed companies’ existing disciplined growth and capital return agendas.”
