Abu Dhabi's XRG Weighs Stake in LNG Canada Project as Part of UAE's Pacific Gas Ambitions

XRG, the international investment arm of Abu Dhabi National Oil Company, is evaluating a potential stake purchase in the Shell led LNG Canada natural gas export project, according to a Bloomberg report carried by Donya-e-Eqtesad on Wednesday, September 23, 2026 (1 Mehr 1405). Sources said the UAE state holding company has opened talks with existing project shareholders, including PetroChina, to acquire part of their stakes, though negotiations have not yet reached a final agreement. The LNG Canada project, with an annual capacity of 14 million tons and an initial investment of about 28.5 billion dollars, currently has Shell holding a 40 percent stake, Malaysia's Petronas 25 percent, PetroChina and Mitsubishi 15 percent each, and Korea Gas 5 percent. The move is part of the UAE's plan to become one of the world's top five gas and petrochemical suppliers; XRG, established in 2024, has previously invested in the Rio Grande project in Texas, gas fields in Argentina, and facilities in Mozambique.