Prime Highlights
- The UAE has invested over $85 billion in US energy assets across 19 states.
- XRG is expanding its investments in LNG, chemicals and advanced materials.
Key Facts
- The investments have been made through XRG, ADNOC and Masdar.
- XRG holds equity interests in the Rio Grande LNG project in Texas.
Background
The UAE has spent more than $85 billion on energy assets in 19 different US states, thus expanding its influence in power generation, LNG, chemicals, and energy infrastructure. The investments have been made through XRG, ADNOC and Masdar as part of the country’s long-term global growth strategy.
The United States remains the main market for Abu Dhabi-based XRG’s expansion across the Americas. The company has been building an integrated energy and industrial platform by investing in LNG, upstream gas, chemicals, advanced materials and global energy trading.
XRG Chief Executive Officer for the Americas Philip Haddad said the company is working with partners across the US to connect American energy and industrial capabilities with growing global demand. He added that these investments also support the UAE’s position as a long-term international investor.
One of XRG’s biggest investments is in the Rio Grande LNG project in Texas, where it holds equity interests across all five LNG trains under construction. The project has an export capacity of 30 million tonnes per annum and gives XRG access to one of the world’s largest LNG export developments.
The company is also expanding into Argentina’s Vaca Muerta gas basin and building its chemicals and advanced materials business through Covestro, Borouge International and NOVA Chemicals. Covestro’s manufacturing and innovation facilities in the US support industries including automotive, construction, electronics and healthcare.
The UAE views these investments as both commercial and strategic. The country is looking forward to creating long-term alliances, developing diverse investments in the world and building its future in energy security, industry development and advanced manufacturing by making its energy and industrial presence wider throughout North America.
