Abu Dhabi firms are hunting energy assets far beyond the Gulf. ADNOC’s investment arm XRG is in talks with PetroChina, which has been sounding out buyers for its 15% stake in a Shell-led LNG Canada export project, Bloomberg reported. Separately, Abu Dhabi-listed International Holding Company, chaired by national security adviser Sheikh Tahnoon bin Zayed, is reportedly leading the US government-backed consortium for Lukoil’s international assets, and Qatar’s Al-Khayyat family will have a smaller stake, according to the Financial Times.
The war has strengthened the case for an international expansion that was years in the making. With Hormuz traffic disrupted, external supplies help Gulf producers meet customer demand and benefit from higher prices. XRG recently bought a 32% stake in Argentine gas blocks feeding the country’s first LNG export terminal, as well as stakes in Texas’ Rio Grande LNG and Mozambique’s Rovuma project.