XRG, the international energy investment division of Adnoc, has reached an agreement to purchase Shell's interest in the North West Shelf LNG project in Australia for $1.5 billion. This transaction represents the company's inaugural entry into the Australian gas market and is intended to broaden its global portfolio in response to energy market instability. The North West Shelf facility is a major integrated development with an annual liquefaction capacity of 14.3 million tonnes and significant remaining gas resources. By securing this stake, XRG aims to strengthen its presence in the Asia-Pacific region. This acquisition aligns with the company's broader strategy, established in 2024, to double its total asset value within the next ten years. The completion of the deal remains contingent upon receiving the necessary regulatory clearances.
Source : The National
Photo : The National
