Adnoc has acquired a 11.7 per cent stake in phase one of NextDecade’s Rio Grande liquefied natural gas export project in Texas, marking its first investment in the US.
The equity stake was acquired by the Abu Dhabi energy company through an investment vehicle of Global Infrastructure Partners, Adnoc said on Monday.
The agreement with GIP, an infrastructure investor, also secures an option for equity participation in the future Train 4 and Train 5 of the project.
Trains are the liquefaction units that convert natural gas into LNG. Each train consists of equipment and processes that cool and condense natural gas into its liquid form for storage and transport.
Adnoc also entered a 20-year LNG offtake agreement with NextDecade for 1.9 million tonnes a year on a free on-board basis at a price indexed to Henry Hub, subject to a final investment decision.
“We are delighted to partner with NextDecade on this world-class, lower-carbon LNG project as it marks a significant milestone in Adnoc’s international growth strategy and provides us [with] access to one of the world’s top LNG export markets,” said Musabbeh Al Kaabi, Adnoc's executive director for low-carbon solutions and international growth.
Rio Grande LNG, which will produce 27 million tonnes of LNG annually at full capacity, is expected to begin operations in 2027.
The project will also include a carbon capture and storage project capable of handling five million metric tonnes of carbon dioxide annually, equal to removing a million vehicles from the road each year.
The US became the world’s largest LNG exporter last year amid growing demand from Europe, which is looking to end its reliance on Russian gas imports.
For companies, US offers a strategic location with access to major markets in Asia and Europe.
US and Mexican LNG project export capacity is expected to reach 238 million metric tonnes a year by 2050, accounting for 30 per cent of global supply, according to Wood Mackenzie.
However, the US government halted approvals for pending and future applications to export LNG in January, in response to activist concerns about its impact on climate change.
China, India and countries in South-East Asia are driving an increase in energy demand. LNG is considered to be more environmentally friendly than coal when it comes to power generation and industrial applications.
Last week, Qatar’s Energy Minister Saad Al Kaabi said the Gulf country would sign more long-term LNG contracts this year as demand for the fuel grows in Asia and Europe.
LNG is not difficult to sell but negotiations surrounding the specifics of the sale, such as contractual terms and pricing, can become a “sticking point” in finalising agreements, he said during the Qatar Economic Forum.
NextDecade aims to reach a final investment decision on Train 4 at the Rio Grande LNG complex in the second half of this year.
It is subject to the finalisation of an engineering, procurement and construction contract, as well as the necessary commercial arrangements and adequate financing, Adnoc said.
“LNG from our facility will allow Adnoc to further increase its presence in the global LNG market while also supplying global customers with more affordable and less carbon-intensive LNG,” said NextDecade chairman and chief executive Matt Schatzman.
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Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
The five pillars of Islam
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A Bad Moms Christmas
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Two stars
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Power: 254hp
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Weekend schedule for Austrian Grand Prix - all timings UAE
Friday
Noon-1.30pm First practice
4-5.30pm Second practice
Saturday
1-2pm Final practice
4pm Qualifying
Sunday
4pm Austrian Grand Prix (71 laps)
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- Engine: 3.9-litre twin-turbo V8
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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- Solo riders only, no passengers allowed
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