XRG has agreed to buy Shell plc’s stake in Australia’s North West Shelf liquefied natural gas project for $1.45 billion, as the Abu Dhabi National Oil Co. investment arm seeks to expand its international business.
The acquisition is intended to give XRG greater access to customers in the Asia-Pacific region, the company said. The stake will also provide access to a facility with the capacity to liquefy 14.3 million tons of gas a year.
Sources: Bloomberg Markets.