ADNOC, the UAE’s state-owned oil and gas giant, agreed to buy an 11.7% stake in NextDecade’s liquefied natural gas project in Texas.
Why it matters: This is ADNOC’s first deal in the U.S., and reflects the growing global ambitions of Middle Eastern energy giants. Don’t be surprised if Saudi Aramco is next to make a stateside move.
Details: ADNOC is buying the position in the Rio Grande Project from private equity firm Global Infrastructure Partners, and it also signed a 20-year LNG offtake agreement with NextDecade.
The bottom line: The deal comes as the U.S. has emerged as world’s largest LNG supplier, with more capacity slated to come online this decade despite the White House pause on new approvals.