Abu Dhabi National Oil Company is exploring opportunities in Canada’s upstream and liquefied natural gas sectors through its international arm XRG, a senior company executive said on Tuesday at the Global Energy Show in Calgary.
Musabbeh Al Kaabi, ADNOC’s CEO of upstream, did not provide details on what specific investments the company may be eyeing in Canada, but said he is encouraged by Canada’s renewed focus on energy development.
The United Arab Emirates has been looking to expand its energy investments abroad, especially through its recently launched firm XRG, the foreign investment arm of state-owned ADNOC.
At the same time, Canada has been seeking to diversify exports beyond its main market of the United States in the face of tariff threats from President Donald Trump. Late last year, Prime Minister Mark Carney made an official visit to the UAE.
“That visit also set the tone for more collaboration in the near future,” Al Kaabi said.
Canada is the world’s fourth-largest crude oil producer and fifth-largest natural gas producer. The country’s new LNG export industry has attracted interest from global customers, most recently Germany’s SEFE and Uniper.
Natural Resources Minister Tim Hodgson said on Tuesday that Canada is seeking to market itself as a source of safe, secure energy during a time of global uncertainty.
ADNOC already has a presence in Canada through its portfolio company, Nova Chemicals, which has operations in Alberta.
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Reporting by Amanda Stephenson in Calgary and Katha Kalia in Bengaluru; Editing by Tasim Zahid and Nia Williams
