Keeping to its strategy to divest from non-core assets, ExxonMobil is mulling selling off its majority stake in Italy’s main regasification terminal – Rovigo LNG.
Also called Adriatic LNG, the terminal is owned by ExxonMobil Italiana Gas S.r.l. which holds 70.7% Qatar Terminal Company Limited holds a 22% share while Snam Spa holds the remaining 7.3%.
Snam has the right of first refusal should a partner decide to divest.
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Exxon is yet to identify a buyer and has not made a concrete decision on the potential sale, it said while scouting market interest.
“Tests like this are consistent with our focused investment strategy, highlighting our willingness to divest non-core assets to those who can derive greater value,” Exxon spokesperson Meghan Macdonald said.
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Any transaction would not impact Exxon’s imports of LNG into the Adriatic LNG terminal, nor its interest in the Italian and European markets as a natural gas supplier.
One of Exxon’s core assets is Guyana’s offshore Stabroek Block.
It has churned out over 30 discoveries, amassing 11 billion barrels of recoverable resources from 2015 to date. In unprecedented development pace, Exxon brought two projects online – Liza Phase 1 and 2. By the end of 2024, this will double.
The company is shooting for 10 production vessels to develop Guyana’s building resources by the end of the decade and this number can further increase.