Report: ExxonMobil selling majority stake in Italy LNG terminal to BlackRock

October 4, 2023, by Aida Čučuk

U.S. energy major ExxonMobil has chosen compatriot investment company BlackRock as the potential buyer for its majority stake in Italy’s Adriatic liquefied natural gas (LNG) import terminal, according to Reuters.

Reportedly, 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.

Reuters previously revealed that at least four international groups competed for the deal, with the entire regasification terminal said to be valued at about €800 million.

“The selection is the result of a thorough evaluation process that involved several prospective buyers,” ExxonMobil said to the news agency, noting that the company continues to work on the transaction as the final agreement has not been reached. Terms were not disclosed.

To note, in March 2023, Exxon was reported as saying it was considering selling its 70.68% interest in the terminal as part of its strategy to divest non-core assets.

The remaining stake is owned by a subsidiary of QatarEnergy (22%) and Italian gas grid operator Snam (7.3%), which has the first right of refusal should a partner decide to divest.

Reuters reported two industry sources, speaking on condition of anonymity, as saying that Snam could up its shareholding to about 30% of Adriatic LNG to get governance rights on the energy infrastructure.