Dutch infrastructure group VTTI and Germany-based asset manager IKAV have formed a consortium to acquire a 70.7% stake in Adriatic LNG, the operator of a key regasification terminal in Italy.

The stake will be acquired from ExxonMobil, in a transaction that values Adriatic LNG at more than €800m ($864.32m) including debt, reported Reuters.

Apart from ExxonMobil, Italian gas grid operator Snam holds a 7.3% interest in the Adriatic LNG terminal, while Qatar Terminal Company, a subsidiary of QatarEnergy, owns the remaining 22% stake.

Snam will have to decide whether to up its stake or exercise its right of first refusal in 45 days, Reuters‘ report said.

QatarEnergy is also looking to offload its 22% stake in the Italian infrastructure, reported the news agency, citing three sources familiar with the matter.

The sale forms part of ExxonMobil’s efforts to divest non-strategic assets to focus on doubling its global LNG production by 2030.

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Situated off the Veneto coastline, the Adriatic LNG terminal boasts a regasification capacity of 9.6 billion cubic metres of natural gas annually. This accounts for half of Italy’s LNG import capacity and 14% of national gas consumption.

In a press statement, VTTI said: “The consortium will ensure seamless operations and continuous support to Adriatic LNG, to enhance security of energy supply in Italy, the second-largest gas-consuming country in the European Union.”

The transaction is anticipated to conclude in the second half of 2024, pending customary closing conditions.