UAE Oil Giant Buys Into NextDecade LNG in First US Deal
- Adnoc acquires 11.7% in phase 1 of NextDecade’s Rio Grande LNG
- UAE firm to get 1.9 million tons a year of LNG from phase 4
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The United Arab Emirates’ main oil company bought a stake in NextDecade Corp.’s natural gas export project in Texas, in a first US acquisition that also gives it a 20-year supply deal.
Abu Dhabi National Oil Co. will take an 11.7% stake in phase 1 of the Rio Grande LNG project, according to a statement Monday. The deal will also give Adnoc 1.9 million tons a year of liquefied natural gas supply from the planned Train 4. NextDecade shares gained as much as 16% in New York trading.