BP and Abu Dhabi National Oil Company's international investments arm XRG said on Monday they have closed a deal for a new natural gas joint venture in Egypt, as ADNOC expands its efforts to grow abroad.

BP and XRG close deal to launch Arcius Energy, a joint venture focused on natural gas assets in Egypt, aiming for international growth in the region.

BP and Abu Dhabi National Oil Company's (ADNOC) international investments arm, XRG, have finalised the creation of a new natural gas joint venture (JV) named Arcius Energy, which will commence operations in Egypt. The JV is a strategic move for ADNOC as it seeks to extend its international footprint.

XRG and bp today announced they have reached financial close and completed the formation of their new joint venture JV and international natural gas

Announced in February, the venture marks a strategic alignment between the two companies, with bp holding 51 per cent and XRG 49 per cent

Arcius Energy, a joint venture between XRG and BP, has officially launched aiming to expand its international natural gas portfolio. This venture, combining expertise from both companies, promises innovative energy solutions initially in Egypt,

Arcius to start operations in Egypt, which includes interests assigned by BP across two development concessions

XRG have reached financial close and completed formation of their new joint venture and international natural gas platform – Arcius Energy. The JV will initially focus on development of gas assets in Egypt.

Arcius 51% owned by BP, 49% Adnoc Venture to begin operations in Egypt Former Adnoc VP appointed CEO BP and XRG, the new lower carbon energy and chemicals investment company set up by Abu Dhabi National Oil Company (Adnoc),