Abu Dhabi’s XRG is backing Argentina’s bid to become a major liquefied natural gas exporter. ADNOC’s international arm agreed in June to take a 32% stake in three Argentine gas blocks. They will feed the country’s first LNG export terminal, designed to produce 12 million tons a year in its initial phase. “No country or company secures its energy future alone,” Executive Chairman Sultan Al Jaber said in Paris last week.
At a time when exports from their home markets have been severely constrained, such international investments are only increasing in importance, helping Gulf producers meet customer demand and benefit from higher prices. This year, QatarEnergy took a stake in Golden Pass LNG in Texas, Saudi Aramco acquired an interest in the nearby Port Arthur LNG terminal, and XRG has bought into LNG projects in Texas and Mozambique.