XRG, Adnoc's international energy investment unit, signed an initial agreement with Argentina’s YPF and Italy’s Eni to develop an integrated liquefied natural gas project in the South American nation.
The non-binding framework agreement was signed at Abu Dhabi energy conference Adipec on Tuesday and is part of XRG's efforts to build a global gas portfolio and expand its footprint across the Americas.
The Argentina LNG project combines upstream gas production from the Vaca Muerta shale basin with offshore liquefaction using floating liquefied natural gas (FLNG) technology, XRG said.
The project’s initial phase is expected to deliver 12 million tonnes per annum (mtpa) of LNG production capacity through two 6 mtpa FLNG vessels.
“Argentina’s LNG potential is truly transformative,” said Mohamed Al Aryani, president of international gas at XRG.
The companies aim to “set new benchmarks for innovation, scale, and reliability in the international gas market”, he said.
XRG was launched last year as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion.
The company has been actively increasing its operations globally and plans to double its asset value over the next decade, capitalising on the energy transition, artificial intelligence and the rise of emerging economies.
On Monday, XRG signed a non-binding agreement to acquire a stake in Azerbaijan's Southern Gas Corridor (SGC) company. The investment supports XRG’s regional strategy in the Caspian and will support the delivery of gas resources from Azerbaijan to the European market, the company said.
In September, it also closed the acquisition of an 11.7 per cent stake in Phase 1 of the Rio Grande LNG project in Texas. The deal, initially announced last year, is XRG’s first natural gas investment in the US.
The investment is a strategic joint venture between XRG and Global Infrastructure Partners, which is part of global asset manager BlackRock.
Rio Grande LNG is one of the most ambitious LNG export infrastructure projects in the US, with about 48 million tonnes per annum of potential liquefaction capacity currently under construction or in development.
XRG has also made investments in Mozambique’s Rovuma Basin, Block-1 Turkmenistan, Arcius Energy in Egypt, Absheron in Azerbaijan.
Natural gas demand is set to rise by anywhere between about 1.5 per cent and 1.7 per cent annually between last year and 2030, the International Energy Agency said in a report last month.
According to the report, about 300 billion cubic metres (bcm) per year of LNG export capacity – a record – is set to be added by 2030, primarily supported by liquefaction capacity additions in the US and Qatar.
“This unprecedented worldwide expansion is expected to strengthen global supply security and ease market pressures following a period of tightness,” it said.
A list of the animal rescue organisations in the UAE
CHATGPT%20ENTERPRISE%20FEATURES
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
COMPANY%20PROFILE
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Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The%20specs
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
UAE currency: the story behind the money in your pockets
SPECS
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SUCCESSION%20SEASON%204%20EPISODE%201
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MATCH INFO
Barcelona 4 (Suarez 27', Vidal 32', Dembele 35', Messi 78')
Sevilla 0
Red cards: Ronald Araujo, Ousmane Dembele (Barcelona)
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
