XRG, the international energy investment arm of ADNOC, has announced the completion of an acquisition of an additional stake in liquefaction trains 4 and 5 of the Rio Grande liquefied natural gas project at the Port of Brownsville in the US state of Texas.
The completion of this deal strengthens XRG's strategic presence in the US LNG sector, supporting the company's strategy to build a world-class gas portfolio. North America is one of XRG's key growth regions, and the United States is considered a strategic market for the company, offering a range of advantages including abundant resources, high electricity demand, growth in infrastructure projects to meet artificial intelligence needs, an increased focus on and expansion of the industrial sector, and an attractive investment environment.
Through this transaction, XRG raised its total stake in the Rio Grande project — which is being developed and operated by NextDecade — by an additional 7.6% in liquefaction trains 4 and 5, acquiring this interest via Global Infrastructure Partners (GIP), a BlackRock company.
This deal follows XRG's earlier acquisition of an indirect stake of 11.7% in Phase 1 of the Rio Grande project (liquefaction trains 1, 2, and 3) through the same company. That acquisition received all relevant regulatory approvals, including clearance from the Committee on Foreign Investment in the United States.