XRG Buys Shell North West Shelf LNG Stake for $1.45 Billion

XRG, the energy investment arm of Abu Dhabi National Oil Co., agreed to purchase Shell Plc's stake in the North West Shelf liquefied natural gas project for $1.45 billion. The deal, announced Tuesday, grants XRG access to a facility capable of liquefying 14.3 million tons of gas annually.

This acquisition represents nearly 3% of global LNG capacity. XRG intends to use the purchase to expand its global footprint and increase its access to customers within the Asia-Pacific region.