Exxon Mobil is planning to divest its majority stake in the Adriatic regasification terminal in Italy, reported Reuters.

The move forms part of Exxon’s wider efforts to offload assets it considers ‘noncore’.

Through its subsidiary ExxonMobil Italiana Gas, Exxon owns a 70.7% stake in the Adriatic liquefied natural gas (LNG) terminal while Italian gas grid operator Snam holds a 7.3% interest.

The remaining 22% stake in the terminal is owned by QatarEnergy subsidiary Qatar Terminal Company Limited.

However, Snam holds the first right of refusal in the event that Exxon decides to sell its stake in the regasification terminal.

Exxon has not yet identified any potential buyer at this stage and is assessing market interest.

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By GlobalData

Reuters quoted Exxon spokesperson Meghan Macdonald as saying: “Tests like this are consistent with our focused investment strategy, highlighting our willingness to divest noncore assets to those who can derive greater value.”

The US firm said that a potential transaction would not impact its LNG imports into the Adriatic LNG terminal.

Managed by Italy’s Terminale GNL Adriatico, the offshore terminal is located in the northern Adriatic Sea, approximately 15km off Porto Viro in the Veneto region.

Last year, the terminal’s regasification capacity was expanded to nine billion cubic metres (bcm) of natural gas per year, from 8bcm.