XRG completes its stake buildout across all five Rio Grande LNG trains

Adnoc’s international investment arm XRG closed the transaction to increase its stake in the Rio Grande LNG project in Texas — a move Adnoc’s international investment arm first flagged back in January. XRG picked up an additional 7.6% equity interest in Trains 4 and 5 from an acquisition vehicle of BlackRock’s Global Infrastructure Partners (GIP), according to a statement.

The transaction cleared the Committee on Foreign Investment in the United States (CFIUS) along with other customary regulatory approvals — worth noting given how often US foreign-investment reviews have slowed down Gulf transactions this year. No investment value was disclosed.

Why it matters: XRG now holds equity in all five trains at Rio Grande LNG, up from three when it first bought in. Combined, Trains 4 and 5 add roughly 12 mtpa of liquefaction capacity to a facility already expected to produce around 30 mtpa in total — one of the largest LNG export builds in the US. XRG also holds a 20-year, 1.9 mtpa offtake agreement from Train 4, so the equity stake now sits alongside a locked-in buyer position. It first bought an indirect 11.7% stake in Rio Grande’s Phase 1 (Trains 1-3) in September 2025, also through GIP.