TotalEnergies buys minority stake in NextDecade

TotalEnergies has announced that it will be purchasing a 17.5% stake in US liquefied natural gas (LNG) developer NextDecade for US$219 million. This move is part of a larger agreement to enable NextDecade's Rio Grande LNG export project in Texas to proceed.

The Rio Grande LNG project, with a capacity of 27 million tons per year, is currently in the final stages of development and is expected to receive its final investment decision by the end of June. NextDecade has entered into framework agreements with Global Infrastructure Partners and TotalEnergies to facilitate this decision.

TotalEnergies is the third largest LNG player in the world, with a global portfolio of 50 million tons of LNG per year, and intends to grow its LNG business by 3% annually. By 2030, the company also aims to make a natural gas account for half of all its energy sales.