Abu Dhabi National Oil Company (ADNOC) has made a significant move by acquiring an 11.7% stake in NextDecade's Rio Grande liquefied natural gas (LNG) export facility in Texas. This marks ADNOC's first major investment in the United States. The acquisition includes the first three liquefaction trains of phase 1, along with a 20-year supply agreement for the fourth train, pending a final investment decision (FID). This investment aligns with ADNOC's strategy to expand its gas and LNG capacities, aiming to grow from 6 million metric tons per annum (mtpa) to 15 mtpa by 2028. With global demand for LNG projected to increase by 50% by 2030, ADNOC and Saudi Arabia's Aramco are exploring opportunities in the United States, now the world's largest LNG exporter.

ADNOC's executive director for low carbon solutions and international growth, Musabbeh Al Kaabi, emphasized the strategic significance of this deal, highlighting its role in ADNOC’s international growth and access to a top LNG market. The United States became the leading LNG supplier in 2023 due to increased demand and supply chain disruptions caused by the conflict in Ukraine. NextDecade plans to start construction on the fourth liquefaction train in the latter half of 2024, following the FID. The Rio Grande LNG export plant, in development for several years, is expected to complete phase 1 by early 2029 at a cost of approximately $18 billion. The entire project includes five liquefaction trains, each with a capacity of 5.4 mtpa.