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
India’s Reliance Industries enters crude oil trading arena influencing dated Brent
Reliance Industries Ltd., based in Mumbai, India, has entered the league of companies trading crude oil that plays a crucial role in determining the price benchmark known as Dated Brent. This move underscores the increasing influence of US supply on this important market measure…
Swedish defense giant Saab to establish US facility for weapon systems
Saab, the Swedish defense equipment maker, has announced plans to construct a new facility in the United States focused on the production of weapon systems. The facility aims to increase munitions production capacity and enhance the company’s global supply chain…
US, Australia strike $2 billion+ critical minerals pact
Washington and Canberra just put real money and market power behind their critical-minerals talk. In a pact signed by President Donald Trump and Prime Minister Anthony Albanese, both governments committed at least $1 billion each over the next six months to push Australian mining and processing projects forward and, crucially, to underwrite a price floor for key inputs.
Within hours, the U.S. Export-Import Bank sent out more than $2.2 billion in preliminary financing interest to seven Australian developers across rare earths, graphite and specialty metals, and Australian equities in the space took off. Separate from the broader package, Alcoa won joint backing to bolt a gallium recovery plant onto its Western Australia alumina operations, a move that could supply as much as a tenth of global gallium once built.