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Adnoc Plans Billions in US Investments to Build Gas Business

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Abu Dhabi National Oil Co., or Adnoc, is looking to invest tens of billions of dollars to develop a gas business in the US as part of a diversification push due to energy disruptions amid the US-Iran war.

The state oil and gas company is exploring deals, including drilling joint ventures and minority stakes, London's Financial Times reported Tuesday, citing an interview with Nameer Siddiqui, the chief investment officer of Adnoc's overseas investment arm XRG. The company is looking at 29 potential deals in the US to set up a vertically integrated gas business, Siddiqui said.

XRG's acquisitions could span the entire value chain from extracting gas to owning re-gas facilities and pipelines to end users in destination countries, Siddiqui told the publication.

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