BlackRock to buy Exxon’s majority stake in Italian LNG terminal
- October 4, 2023
- Posted by: Quatro Strategies
- Categories: Europe, Oil & Gas, United States
Exxon Mobil Corp has chosen BlackRock as the potential buyer for its majority stake in Italy’s main liquefied natural gas (LNG) import terminal, according to a statement by the U.S. oil producer. This decision comes as Italy is expected to increase its LNG imports to partly replace the gas it used to get via pipelines from Russia.
Exxon had announced in March that it was considering selling its 70.68% interest in the Adriatic LNG Terminal, which is located about 9 miles off the Veneto coastline. A subsidiary of QatarEnergy holds a 22% stake, and Italian gas grid operator Snam holds a 7.3% stake in the terminal.
Snam, having the first right of refusal, could potentially increase its current stake and secure governance rights on the energy infrastructure.
Several prospective buyers were interested in the stake sale, with the entire regasification terminal estimated to be valued at around 800 million euros ($881 million).
While Exxon confirmed BlackRock as the potential buyer, they emphasized that a final agreement had not yet been reached, and the terms of the deal were not disclosed.
QUATRO Strategies International Inc. is the leading business insights and corporate strategy company based in Toronto, Ontario. Through our unique services, we counsel our clients on their key strategic issues, leveraging our deep industry expertise and using analytical rigor to help them make informed decisions to establish a competitive edge in the marketplace.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
Iran conflict pushes Europe’s industrial core deeper into crisis
Europe’s industrial core is being hit by the Iran war in a way that is both immediate and cumulative. Companies across chemicals, plastics, metals, textiles and consumer manufacturing are now dealing with another sharp rise in raw-material and energy costs after already absorbing the pandemic shock, the post-Ukraine energy crisis and U.S. tariffs.
In Germany, the pressure is especially acute because many firms entered this latest disruption with margins already eroded and little room left to absorb another cost wave.
China’s petrochemical sector at risk as U.S. halts ethane shipments
China’s petrochemical industry faces renewed uncertainty as the United States imposes new licensing requirements for exports of ethane and related products to China, effectively disrupting a key energy trade channel. The move, part of a broader tightening of U.S. export controls, threatens to stall critical feedstock deliveries for Chinese chemical producers already heavily reliant on American supplies.
The U.S. Commerce Department has directed exporters to obtain special licenses before shipping ethane and butane to China and has also revoked some licenses previously granted. The abrupt change could severely disrupt trade flows, as China purchased an average of 492,000 barrels per day (bpd) of U.S. ethane in 2024 — nearly half of total U.S. ethane exports — according to data from the U.S. Energy Information Administration.
Nickel jumps as Indonesia slashes Weda Bay ore quota
Nickel’s latest leg higher is being driven less by a sudden improvement in end-demand and more by a deliberate political throttle on the world’s most important source of supply: Indonesia. The signal this time is unusually specific. Market participants say PT Weda Bay Nickel, widely regarded as the single largest nickel mining complex globally, has been assigned an ore quota of about 12 million wet tonnes for 2026, down sharply from the 42 million wet tonnes permitted in 2025.
That kind of step-change at a flagship asset reframes Indonesia’s quota regime from a “guidance tool” into something closer to active market management, and it helps explain why prices have extended gains even though inventories and downstream conditions have not suddenly tightened overnight.