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Exxon Mobil ends talks with BlackRock for Italy LNG terminal sale

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Cyann Fielding

Journalist at Tank Storage Magazine.
Engineering working near to oil refinery, Check the information on paper.

Asset manager BlackRock Inc has bowed out of talks to acquire Exxon Mobil Corp’s majority stake in Italy’s main liquefied natural gas (LNG) import terminal.

Global energy trader Vitol SA is among the bidders still in the running for the Adriatic LNG terminal. Italy is expected to increase its LNG imports to replace gas from Russia.

Exxon in October said it had chosen BlackRock for exclusive talks. But the US oil producer and the top US investment management firm failed to reach an agreement and Exxon moved negotiations to the second highest bidder.

In March, Exxon said it was considering selling its 70.68% interest in the offshore terminal as part of its strategy to divest non-core assets.

A subsidiary of QatarEnergy (22%) and Italian gas grid operator Snam (7.3%) owns the remaining stakes in the terminal, located about 9 miles (15 km) off the Veneto coastline.

At least four international groups had competed for the deal, with the entire regasification terminal said to be valued at about €800 million.

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