XRG closes acquisition of major US-based LNG export facility: XRG, Adnoc’s international arm, has closed the acquisition of an 11.7% stake in the first phase of NextDecade’s USD 18 bn Rio Grande LNG export facility in Texas for an undisclosed sum, according to a statement released on Thursday. The transaction marks Adnoc’s first direct investment in US gas infrastructure.

First announced in May last year, the agreement was finalized through an investment vehicle of BlackRock’s Global Infrastructure Partners (GIP), with XRG acquiring a portion of GIP’s existing stake. XRG’s stake in the first phase includes the first three liquefaction trains in the USD 18 bn facility, which are currently under construction.

Other phases are on the way: NexDecade retained its share in the first phase alongside its shares in the fourth and fifth proposed trains, with Adnoc having the option to buy into these.

Once all trains are developed, Rio Grande LNG’s potential liquefaction capacity could reach up to 48 mn tonnes per annum (mtpa), the statement said.

NextDecade also reached a final investment decision on the fourth liquefaction train earlier this month, activating Adnoc’s 20-year offtake agreement for 1.9 mtpa from the additional train. The contract, priced against the Henry Hub benchmark on a free-on-board basis, had been contingent on the project moving ahead.

All in on the US: State oil giant Adnoc plans to increase its US investments to USD 440 bn over the next decade. Earlier this year, Adnoc was said to be considering a USD 9 bn acquisition of US assets, to add to its existing portfolio across the pond, including a 35% stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Texas.

Adnoc established a tradingdesk in the US as part of its expansion plans, with XRG and Masdar opening newoffices in Washington to help manage and scale its planned US investments.

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