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2w ago

ADNOC’s XRG Closes 11.7% Stake in Rio Grande LNG Phase 1

The purchase of part of GIP’s existing interest marks XRG’s first U.S. gas investment, deepening ties to NextDecade’s expanding project.

Abu Dhabi
Rendering of the future LNG terminal; Source: NextDecade
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, managing director and group chief executive of Adnoc and executive chairman of XRG, with Adebayo Ogunlesi, chairman of Global Infrastructure Partners, BlackRock chief executive Larry Fink and Mohamed Al Aryani, president of XRG International Gas. Photo: XRG

Overview

  • XRG completed the acquisition on September 25, buying into Phase 1 (Trains 1–3) through a Global Infrastructure Partners investment vehicle connected to BlackRock.
  • Phase 1 is part of an $18.4 billion export project in Brownsville, Texas, where construction began in October 2023 following a July 2023 FID.
  • NextDecade reached FID on Train 4 in early September, and ADNOC signed a 20-year offtake agreement for 1.9 mtpa from that train.
  • The Rio Grande LNG development totals about 48 mtpa of potential liquefaction capacity now in construction or development.
  • XRG positions the stake within a lower‑carbon growth strategy that cites rising LNG demand, more than 5,000 peak construction jobs and 350–400 long‑term roles at the site, and a separate 35% interest in ExxonMobil’s Baytown hydrogen plant.