Adnoc’s international investment subsidiary XRG announced on 25 September that it has closed its acquisition of an 11.7% equity stake in Phase 1 (Trains 1-3) of the Rio Grande LNG project in Brownsville, Texas, marking its entry into the US LNG sector. It first announced the transaction in May 2024 (MEES, 24 May 2024).
The timing is welcome for XRG, which last week dropped out of its planned purchase of Australian LNG firm Santos (MEES, 19 September). Although XRG continues to see Santos as an attractive asset, there were concerns over the valuation and a lack of flexibility from the firm’s management. (CONTINUED - 300 WORDS)
