11.7% equity stake in Phase 1 of Rio Grande LNG
marks ADNOC’s first strategic investment in the US and complements
its efforts to expand its lower-carbon LNG portfolio to meet
growing gas demand
ADNOC and NextDecade enter into 20-year LNG
offtake agreement for 1.9 mtpa from Rio Grande LNG Train 4
NextDecade to maintain its expected economic
interest in Phase 1 and fully permitted Train 4 and 5 expansion
capacity
ADNOC announced today the acquisition of a 11.7% stake in Phase
1 (Trains 1-3) of NextDecade Corporation’s (NextDecade) (Nasdaq:
NEXT) Rio Grande LNG (RGLNG), a leading liquefied natural gas (LNG)
export project located in Texas, United States (US), which is
expected to produce a less carbon-intensive LNG. Additionally,
ADNOC and NextDecade announced that they have entered into a
20-year LNG offtake agreement from RGLNG Train 4.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240520809827/en/
The Phase 1 RGLNG equity stake has been acquired through an
investment vehicle of Global Infrastructure Partners (GIP), one of
the world’s premier infrastructure investors. ADNOC acquired a
portion of GIP’s existing equity interest in Phase 1 while
NextDecade retains its previously announced expected economic
interest in Phase 1 as well as its interests in the Train 4 and
Train 5 expansion capacity.
The Phase 1 acquisition marks ADNOC’s first strategic investment
in the US as it continues to deliver on its international growth
strategy and complements its efforts to expand its lower-carbon LNG
portfolio to meet growing gas demand.
The 20-year LNG offtake agreement between ADNOC and NextDecade
is for 1.9 million tons per annum (mtpa) from RGLNG Train 4, on a
free on board (FOB) basis at a price indexed to Henry Hub, subject
to a Final Investment Decision (FID).
Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon
Solutions and International Growth, said: "We are delighted to
partner with NextDecade on this world-class lower-carbon LNG
project as it marks a significant milestone in ADNOC’s
international growth strategy and provides us access to one of the
world’s top LNG export markets. As global energy demand continues
to increase, ADNOC is growing our diversified energy portfolio to
ensure a secure, reliable and responsible supply of energy to our
customers while driving innovation and greater value.”
Rio Grande LNG, situated on a 984-acre site near Brownsville,
Texas, is the first US LNG project offering expected emissions
reduction of more than 90% through its innovative proposed carbon
capture and storage (CCS) project, which is expected to capture and
permanently store more than 5 million metric tons per annum of
carbon dioxide (CO2) – equivalent to removing 1 million vehicles
from the road annually.
Matt Schatzman, NextDecade’s Chairman and Chief Executive
Officer, said: “We are excited to begin a multi-decade partnership
with ADNOC, a major player in the global LNG market, and we look
forward to having them as both a commercial offtaker and an equity
partner in Rio Grande LNG. LNG from our facility will allow ADNOC
to further increase its presence in the global LNG market, while
also supplying global customers with more affordable and less
carbon-intensive LNG.”
ADNOC’s acquisition of an equity stake in Phase 1 (Trains 1-3)
of Rio Grande LNG also secures the option from GIP for equity
participation in the future Trains 4 and 5 of the project.
NextDecade is currently targeting FID on Train 4 at the Rio
Grande LNG Facility in the second half of 2024, subject to, among
other things, finalizing and entering into an Engineering,
Procurement and Construction (EPC) contract, entering into
appropriate commercial arrangements, and obtaining adequate
financing to construct Train 4 and related infrastructure.
About ADNOC
ADNOC is a leading diversified energy and petrochemicals group
wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to
maximize the value of the Emirate’s vast hydrocarbon reserves
through responsible and sustainable exploration and production to
support the United Arab Emirates’ economic growth and
diversification. To find out more, visit: www.adnoc.ae
About NextDecade Corporation
NextDecade Corporation is an energy company accelerating the
path to a net-zero future. Leading innovation in more sustainable
LNG and carbon capture solutions, NextDecade is committed to
providing the world access to cleaner energy. Through our
subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are
developing a 27 mtpa LNG export facility in South Texas along with
one of the largest carbon capture and storage projects in North
America. We are also working with third-party customers around the
world to deploy our proprietary processes to lower the cost of
carbon capture and storage and reduce CO2 emissions at their
industrial-scale facilities. NextDecade’s common stock is listed on
the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is
headquartered in Houston, Texas. For more information, please visit
www.next-decade.com
About Global Infrastructure Partners (GIP)
Global Infrastructure Partners (GIP) is a leading infrastructure
investor that specializes in investing in, owning and operating
some of the largest and most complex assets across the energy,
transport, digital infrastructure and water and waste management
sectors. With decarbonization central to our investment thesis, we
are well positioned to support the global energy transition.
Headquartered in New York, GIP has offices in Brisbane, Dallas,
Hong Kong, London, Melbourne, Mumbai, Singapore, Stamford and
Sydney.
GIP has approximately $112 billion in assets under management.
Our portfolio companies have combined annual revenues of
approximately $73 billion and employ over 115,000 people. We
believe that our focus on real infrastructure assets, combined with
our deep proprietary origination network and comprehensive
operational expertise, enables us to be responsible stewards of our
investors' capital and to create positive economic impact for
communities. For more information, visit www.global-infra.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “contemplate,” “estimate,” “expect,” “project,”
“plan,” “intend,” “believe,” “may,” “might,” “will,” “would,”
“could,” “should,” “can have,” “likely,” “continue,” “design,”
“assume,” “budget,” “guidance,” “forecast,” and "target," and other
words and terms of similar expressions are intended to identify
forward-looking statements, and these statements may relate to the
business of NextDecade and its subsidiaries. These statements have
been based on assumptions and analysis made by NextDecade in light
of current expectations, perceptions of historical trends, current
conditions and projections about future events and trends and
involve a number of known and unknown risks, which may cause actual
results to differ materially from expectations expressed or implied
in the forward-looking statements. Although NextDecade believes
that the expectations reflected in these forward-looking statements
are reasonable, it can give no assurance that the expectations will
prove to be correct. NextDecade’s actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in NextDecade’s periodic reports that are filed with and
available from the Securities and Exchange Commission.
Additionally, any development of subsequent trains at the Rio
Grande LNG Facility or CCS projects remains contingent upon
execution of definitive commercial and financing agreements,
securing all financing commitments and potential tax incentives,
achieving other customary conditions and making a final investment
decision to proceed. The forward-looking statements in this press
release speak as of the date of this release. NextDecade may from
time to time voluntarily update its prior forward-looking
statements, however, it disclaims any commitment to do so except as
required by securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240520809827/en/
Investors Megan Light mlight@next-decade.com
+1-832-981-6583 Media Susan Richardson
srichardson@next-decade.com +1-832-413-6400 ADNOC Media
media@adnoc.ae Global Infrastructure Partners (GIP) Mustafa
Riffat mustafa.riffat@global-infra.com
Grafico Azioni NextDecade (NASDAQ:NEXT)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni NextDecade (NASDAQ:NEXT)
Storico
Da Dic 2023 a Dic 2024
