Abu Dhabi energy group XRG hires former BP chief Bernard Looney

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Bernard Looney, the former chief executive of BP, has joined the board of XRG, a new company created by Abu Dhabi’s national oil company Adnoc that will make investments in global energy.

Jonathan Gray, the chief operating officer of Blackstone, and Egyptian entrepreneur Nassef Sawiris are the other two foreign members of the board, which will be chaired by Adnoc chief executive Sultan Al Jaber.

XRG will initially focus on international gas, chemicals and low-carbon energy but may also pivot to private equity investments, according to a person close to the company.

This is a developing story