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18.06.25 - 11:21
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Abu Dhabi Makes Major Push Into LNG With $19 Billion Santos Takeover (ZeroHedge)
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Abu Dhabi Makes Major Push Into LNG With $19 Billion Santos Takeover
Abu Dhabi is making its biggest energy play yet, as it seeks to become a major global force in liquefied natural gas (LNG). Its state oil company, ADNOC, through its investment arm XRG PJSC, has led a $19 billion takeover offer for Australia's Santos Ltd., a move that would give it direct access to LNG production and exports into booming Asian markets, according to Bloomberg.
“Abu Dhabi is long oil, but is seeking to be a more material player in LNG markets,” said Bernstein analysts led by Neil Beveridge. “The acquisition of Santos would help enable Adnoc to become a bigger LNG player in key growth markets in Asia.”
Santos' LNG capacity is expected to hit 7.5 million tons annually once Australia's Barossa project begins later this year. Combined with ADNOC's existing 6 million tons of domestic LNG capacity and a planned 9.6 million-ton terminal, the deal would position Abu Dhabi as a competitive mid-tier global LN...
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