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.
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