Abu Dhabi’s XRG raises Rio Grande LNG project stake
Abu Dhabi state energy company XRG said on Monday it is buying an additional 7.6 percent stake in two liquefied natural gas trains at the Rio Grande LNG project in Texas, deepening its investment in one of the world’s largest export facilities.
XRG said it is acquiring the stake in Trains 4 and 5 from an acquisition vehicle of Global Infrastructure Partners (GIP), which is now part of BlackRock.
The deal adds to XRG’s existing indirect 11.7 percent holding in the project’s first three trains at the Port of Brownsville facility, also through GIP.
Trains 4 and 5 each have expected LNG production capacity of approximately 6 million metric tons per annum and have secured long-term offtake agreements with high-credit-quality buyers, XRG said in a statement.
“By growing our presence in US LNG we are strengthening a resilient, globally scaled gas platform while further deepening the UAE-US energy partnership,” said Mohamed Al Aryani, president of XRG’s International Gas business.
Financial terms of the deal, which is subject to regulatory approvals and customary closing conditions, were not disclosed.
Further reading:
- XRG acquires controlling stake in Germany’s Covestro
- Adnoc’s XRG to develop Argentina LNG project
- Adnoc’s XRG seals a 10% stake in African gas projects
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