Exxon LNG Terminal In Italy Attracts Bid From BlackRock And Three Others, Transaction Could Be Worth $881M

Author: Anusuya Lahiri | May 26, 2023 11:51am

Four international groups are contending to purchase Exxon Mobil Corp's (NYSE:XOM) majority stake in a liquefied natural gas (LNG) terminal offshore Italy.
BlackRock, Inc (NYSE:BLK), Igneo Infrastructure Partners, German asset manager IKAV, and energy infrastructure group VTTI, linked to commodity trader Vitol and Australian infrastructure fund IFM, have been short-listed to buy the majority stake in the terminal, Reuters cites familiar sources.
The deal could value the entire LNG terminal at nearly €800 million ($881 million).
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In March, Exxon started weighing the sale of its majority stake in Adriatic LNG, Italy's main regasification terminal, in a bid to divest non-core assets.
Exxon's sale has attracted interest from several infrastructure funds and international groups as they expected Italy to increase its LNG imports to partly replace the gas it used to get via pipeline from Russia.
Exxon's subsidiary ExxonMobil Italiana Gas has a 70.7% stake in the terminal, with QatarEnergy subsidiary Qatar Terminal Company Limited at 22% and Italian gas grid operator Snam S.P.A (OTC:SNMRY) at 7.3%.
Price Action: XOM shares traded lower by 0.50% at $105.13 on the last check Friday.
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