Exxon Mobil to Sell Majority Stake in Italy LNG Terminal to BlackRock
10.06.2023 By Tank Terminals - NEWS

October 6, 2023[Reuters]- Exxon Mobil Corp (XOM.N) chose BlackRock (BLK.N) as the potential buyer for its majority stake in Italy’s main liquefied natural gas (LNG) import terminal, the U.S. oil producer said in a statement.

 

The stake sale drew interest from infrastructure funds and international groups as Italy is expected to increase its LNG imports to partly replace the gas it used to get via pipeline from Russia.

In March, Exxon said it was considering selling its 70.68% interest in the offshore Adriatic LNG Terminal as part of its strategy to divest non-core assets.

A subsidiary of QatarEnergy (QATPE.UL) (22%) and Italian gas grid operator Snam (SRG.MI) (7.3%) owns the remaining stake in the terminal, about 9 miles (15 km) off the Veneto coastline.

Snam, which has the first right of refusal should a partner decide to divest, could increase its current stake, its chief executive has said.

The gas grid operator, which is controlled by the Italian government, could up its shareholding to about 30% of Adriatic LNG to get governance rights on the energy infrastructure, two industry sources told Reuters, speaking on condition of anonymity.

At least four international groups competed for the deal, with the entire regasification terminal said to be valued at about 800 million euros ($881 million), Reuters previously reported.

“The selection is the result of a thorough evaluation process that involved several prospective buyers,” an Exxon spokesperson said.

Exxon said it continued to work on the transaction as a final agreement had not been reached. Terms were not disclosed.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Asia's Refined Fuel Imports Drop, But Margins Still Hold: Russell
05.15.2025 - NEWS
May 15, 2025 [Reuters]- Asia’s imports of key refined fuels such as gasoline and diesel fel... Read More
New Fortress Energy Posts Quarterly Loss as All Segments Show Weak Performance
05.15.2025 - NEWS
May 15, 2025 [Reuters]- New Fortress Energy posted a loss in the first quarter on Wednesday, as t... Read More
Russia's First Underground Oil Storage Facility Ready for Trial Operation - Rosnedra
05.15.2025 - NEWS
May 15, 2025 [Interfax]- The subsoil user that built Russia’s first underground oil storage... Read More
Saudi Aramco to Spend $3.4B on Motiva Refinery in Texas
05.15.2025 - NEWS
May 15, 2025 [Transport Topics News]- Saudi Aramco plans to spend $3.4 billion on its Motiva refi... Read More