ExxonMobil to Sell Majority Stake in Italy LNG Terminal

Reuters, October 4, 2023

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.

(Reporting by Sabrina Valle; Additional reporting by Francesca Landini; Editing by Chris Reese and Clarence Fernandez)

Click here to read the full article from Reuters.

Copyright 2024 Thomson Reuters. Click for restrictions.

Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.

Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Training Solutions

Improve your skills in key mechanical integrity subjects.

Case Studies

Learn from the experience of others in the industry.


Inspectioneering's index of mechanical integrity topics – built by you.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.


Read short articles and insights authored by industry experts.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.


Downloadable eBooks, Asset Intelligence Reports, checklists, white papers, and more.

Videos & Webinars

Watch educational and informative videos directly related to your profession.


Commonly used asset integrity management and inspection acronyms.