Lead ADNOC plans to invest billions of dollars in building a presence in the U.S. natural gas industry, according to the Financial Times, citing the chief executive of ADNOC's international investment division, XRG. Context ADNOC set up XRG at the end of 2024 with an enterprise value of $80 billion, combining the parent company's lower-carbon energy and chemicals investment operations across the world. Initially, XRG was to focus on transformational global investments that create value across natural gas, chemicals, and lower-carbon energy solutions. Key Data Nameer Siddiqui told the FT that the company was in the process of evaluating as many as 29 potential acquisition targets in order to build a vertically integrated natural gas business in the United States, covering everything from extraction to pipeline transportation, liquefaction, and regasification in receiving countries. XRG is not only eyeing the global LNG market, but Siddiqui also said. Any business that the company builds in the U.S. will also seek to cater to the energy needs of data center operators, the executive told the FT. As for the manner of acquisitions, the executive said the company is considering several options, including minority stake purchases, drilling joint ventures, and buying controlling stakes in attractive projects in the U.S. natural gas patch. Under the XRG umbrella, ADNOC chief executive Sultan Al Jaber said: "we are partnering with Exxon in the world's biggest ammonia and hydrogen production facility in Texas; we are investing with NextDecade in the state's largest liquefied natural gas facility; and through our acquisition of Covestro, we are supporting thousands of highly skilled US jobs in high-performance plastics and advanced polymers." XRG bought a 35% stake in ExxonMobil's proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas. Another recent acquisition saw XRG become an 11.7% shareholder in Phase 1 of NextDecade's Rio Grande LNG export project, also in Texas. Outlook With its expanding portfolio and strategic partnerships, XRG is poised to deliver integrated gas solutions that meet the growing energy demands of U.S. data centers and other high-growth sectors, positioning ADNOC as a key player in the global LNG supply chain.