XRG, ADNOC’s global energy investment arm, increased its stake by 7.6% in the Rio Grande liquefied natural gas project yesterday.
The Abu Dhabi-based firm said it will acquire an additional 7.6% in Trains 4 and 5 of the Rio Grande LNG projects at the Port of Brownsville. The equity interests are being purchased from an acquisition vehicle of Global Infrastructure Partners: a part of BlackRock.
XRG’s earlier investments in Rio Grande LNG included an indirect 11.7% stake in Phase 1 of the project. ADNOC Trading secured a 20-year LNG offtake agreement for 1.9M tonnes per year from Train 4.
XRG said the investment aligns with the aim to build a global gas portfolio, while making full use of the U.S. LNG sector. Mohamed Al-Aryani, President of XRG’s international gas business, said that the investment “reinforces XNG’s commitments to advance its global gas strategy and the role of LNG in delivering reliable and flexible energy supply to international markets.”
The transaction remains subject to closing conditions, including regulatory approvals.
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