ADNOC eyes U.S. expansion with Texas LNG deal
Abu Dhabi's oil company signed an agreement with NextDecade to buy an 11.7% stake in its Texas LNG project
An Abu Dhabi National Oil Company (ADNOC) fuel station sign in the UAE. (Photo: Getty Images)
ADNOC, the UAE’s state-owned energy company, is looking toward the U.S. to expand its international footprint and help propel future growth.
The Abu Dhabi-based company, ranked as the world’s 12th-largest oil producer, signed an agreement with NextDecade to buy an 11.7% stake in its liquified natural gas project located in Texas.
ADNOC did not disclose the value of the deal, which is its first strategic investment in the U.S.
The Emirati company is also working on setting up an energy trading desk in the U.S., Reuters reported last week.
The NextDecade deal comes two months after Masdar, Abu Dhabi’s ADNOC-backed alternative energy company, bought a 50% stake in California-based Terra-Gen, one of the largest private renewable energy producers in the U.S.
The American market is a key part of Masdar’s strategy to develop or acquire an energy portfolio of at least 100 GW capacity by 2030.