ExxonMobil is considering selling its stake in an Italian liquefied natural gas terminal to asset and investment manager BlackRock, the US supermajor confirmed to Upstream on Wednesday.
The supermajor holds a 70.7% majority interest in the Adriatic LNG terminal thorugh its Italy-based subsidiary, ExxonMobil Italiana Gas.
A company statement seen by Upstream said that ExxonMobil “identified BlackRock as the potential buyer” for the stake.
“The selection is the result of a thorough evaluation process that involved several prospective buyers,” the statement read, adding the company is still working on the deal “as a final agreement has not been reached”.
With a regasification capacity of 9 billion cubic metres per annum, the terminal is an offshore fixed platform that has been operating in the country since 2009.
ExxonMobil had previously said it was considering the sale as part of a strategy to divest non-core assets.
According to Reuters, who first reported on the sale to BlackRock, at least four international buyers showed interest in the asset. Total value of the terminal is estimated at €800 million ($881 million), Reuters reported.
Italy has been ramping up liquefied gas imports following the disruption of Russian piped gas flows in 2022.
The other two minority owners are QatarEnergy, with 22%, and Italy’s gas grid operator, Snam, with 7.3%.
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