emirates7 - XRG and bp have announced the financial close and formal establishment of their new joint venture (JV) and international natural gas platform, Arcius Energy. Initially unveiled in February 2024, the JV is majority-owned by bp with a 51% stake, while XRG, ADNOC's transformative energy investment arm, holds 49%.
The joint venture aims to leverage the technical expertise and proven track records of both companies to build a competitive natural gas portfolio. Arcius Energy will begin operations in Egypt, encompassing interests transferred by bp in two development concessions along with exploration agreements.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Executive Chairman of XRG, described the formation of Arcius Energy as a significant milestone in XRG's long-standing collaboration with bp. He noted that this partnership aligns with XRG’s goal of transforming energy systems and creating an integrated global gas and chemicals portfolio to meet growing energy demands. He further emphasized that the partnership will support the transition to cleaner, more affordable energy, both in Egypt and globally.
Murray Auchincloss, Chief Executive of bp, highlighted the synergy between the two companies in establishing a dynamic platform for international growth in natural gas. He pointed out that Egypt, where bp has operated for 60 years, offers a strategic hub for developing a competitive gas portfolio. Auchincloss also praised ADNOC, and now XRG, as trusted partners in bp's long-standing energy initiatives.
Arcius Energy has appointed its senior leadership team, with Naser Saif Al Yafei, from ADNOC, named as Chief Executive Officer and Katerina Papalexandri, from bp, as Chief Financial Officer. Both leaders bring decades of industry experience, reinforcing the company's mission to drive growth and innovation in the energy sector.
The joint venture aims to leverage the technical expertise and proven track records of both companies to build a competitive natural gas portfolio. Arcius Energy will begin operations in Egypt, encompassing interests transferred by bp in two development concessions along with exploration agreements.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Executive Chairman of XRG, described the formation of Arcius Energy as a significant milestone in XRG's long-standing collaboration with bp. He noted that this partnership aligns with XRG’s goal of transforming energy systems and creating an integrated global gas and chemicals portfolio to meet growing energy demands. He further emphasized that the partnership will support the transition to cleaner, more affordable energy, both in Egypt and globally.
Murray Auchincloss, Chief Executive of bp, highlighted the synergy between the two companies in establishing a dynamic platform for international growth in natural gas. He pointed out that Egypt, where bp has operated for 60 years, offers a strategic hub for developing a competitive gas portfolio. Auchincloss also praised ADNOC, and now XRG, as trusted partners in bp's long-standing energy initiatives.
Arcius Energy has appointed its senior leadership team, with Naser Saif Al Yafei, from ADNOC, named as Chief Executive Officer and Katerina Papalexandri, from bp, as Chief Financial Officer. Both leaders bring decades of industry experience, reinforcing the company's mission to drive growth and innovation in the energy sector.