Abu Dhabi National Oil Company (ADNOC) has acquired a 11.7% equity stake in Phase 1 of Texas-based Rio Grande LNG, marking the state-owned company’s first strategic investment in the US.
Confirmed today (20th May), the move complements ADNOC’s efforts to expand its lower-carbon liquefied natural gas (LNG) portfolio to meet growing gas demand.
The transaction was made through an investment vehicle of Global Infrastructure Partners (GIP). ADNOC acquired part of GIP’s equity in Phase 1, while NextDecade retains its expected economic interest in Phase 1 and its interests in the Train 4 and Train 5 expansions.
Musabbeh Al Kaabi, Executive of Low Carbon Solutions and International Growth at ADNOC, said, “As global energy demand continues to increase, ADNOC is growing our diversified energy portfolio to ensure a secure, reliable, and responsible supply of energy to our customers while driving innovation and greater value.”
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