Exxon Mobil plans to sell stake in Italy’s main regasification terminal

By Editor


Exxon Mobil said it is planning to sell its majority stake in Italy’s main regasification terminal as part of a strategy to divest from noncore assets.

ExxonMobil Italiana Gas (70.7 percent), QatarEnergy subsidiary Qatar Terminal Company (22 percent) and Snam Spa (7.3 percent) own the Rovigo liquefied natural gas (LNG) terminal.

Snam, an Italian gas grid operator, has the first right of refusal should a partner decide to divest.

Exxon said that while it was verifying market interest, it had not made a decision about a potential sale and has not identified a buyer at this early stage.

The offshore terminal, managed by Italy’s Terminale GNL Adriatico, is located in the northern Adriatic Sea, about 15 km off Porto Viro in the Veneto region. The facility has recently had its regasification capacity expanded to 9 billion cubic meters of natural gas per year.

Any transaction would not impact Exxon’s imports of LNG into the Adriatic LNG terminal, or affect its interest in the Italian and European markets as a natural gas supplier.

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