The aggressive expansion strategy of Adnoc’s international subsidiary XRG continues apace, with the firm bidding to take over Australian LNG firm Santos. XRG heads a consortium of Abu Dhabi sovereign wealth fund ADQ and global investment firm Carlyle which has put forward a “non-binding indicative proposal” to purchase the firm for $18.7bn.

The 16 June announcement came shortly after XRG’s board approved its mandate to secure 20–25mn t/y of LNG capacity by 2035; as well as XRG’s net equity in LNG projects, this includes offtake deals with third-party projects (MEES, 6 June). (CONTINUED - 995 WORDS)

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