Investing.com -- Abu Dhabi National Oil Company said Tuesday it is looking at potential investments in Canada’s upstream oil and liquefied natural gas sectors through its international division XRG. The announcement came during the Global Energy Show in Calgary.
Musabbeh Al Kaabi, ADNOC’s CEO of upstream, did not specify which projects or assets the company is considering in Canada. He said the company views Canada’s renewed emphasis on energy development positively.
The United Arab Emirates has been working to grow its international energy portfolio through XRG, which serves as the foreign investment arm of the state-owned oil company.
Canada has been working to expand its energy export markets beyond the United States following tariff threats from President Donald Trump. Prime Minister Mark Carney traveled to the UAE late last year as part of these efforts.
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