ADNOC’s XRG Eyes €2,61 million Stake in Energos Amid LNG Supply Chain Shift

ADNOC’s investment arm, XRG, is in discussions to acquire up to 50% of floating-LNG specialist Energos Infrastructure, in a move that underscores the strategic importance of maritime energy assets amid increasingly complex global trade routes. The potential deal, which would value Energos at around €2,61 Billion, comes as energy majors seek greater control over supply chains in a period of heightened geopolitical risk, according to OilPrice.com.

Energos Infrastructure operates a fleet of 13 floating LNG assets, including storage and regasification units and carriers, deployed in countries such as Brazil, Egypt, Indonesia, Mexico, and the Netherlands. The company is co-owned by Apollo Global Management, which is exploring strategic options for the business.

Industry sources say that if completed, the acquisition would fill a critical gap in XRG’s LNG portfolio, providing access to flexible import infrastructure and enhancing its position in the global gas market. Rising energy security concerns and the threat of supply disruptions have made such maritime assets central to the strategies of major producers and importers alike.

The news coincides with a surge in investment across the shipping sector. Shipowners have ordered more very large crude carriers (VLCCs) in 2026 than in any comparable period in over 25 years, with estimates ranging from 164 to 217 vessels. The crude-tanker orderbook now stands at 130 million deadweight tons (dwt)—about 27% of the operating fleet—representing an estimated $20 million in newbuild investment.

Analysts view the VLCC order boom and XRG’s potential entry into floating LNG as signals that energy companies are betting on longer, more circuitous trade routes—driven both by geopolitical fragmentation and by efforts to diversify supply. For Europe, these developments highlight a shift away from pipeline dependence and underscore the strategic role of LNG in energy security. For Latin America, countries like Brazil and Mexico are positioned as key nodes in the evolving global LNG network.

However, the high valuation of Energos and its exposure to politically sensitive markets pose risks, industry sources caution. There is also concern that a glut of VLCCs could depress freight rates if demand growth fails to keep pace with the expanding fleet.

Still, the race for floating LNG assets and shipping capacity reflects a fundamental change in how global energy flows are managed—a shift that will reshape the competitive landscape for companies and countries on both sides of the Atlantic.