A company backed by the world's biggest independent oil trader is looking to buy a more than 90% stake in Adriatic LNG.
A company backed by the world’s biggest independent oil trader, Vitol, is nearing a deal to buy a 90%-plus stake in Adriatic LNG, Italy’s largest import terminal, from ExxonMobil and QatarEnergy, Reuters reported on Tuesday, citing sources familiar with the plans. Exxon currently holds 70.7% of Adriatic LNG, officially known as Terminale GNL Adriatico Srl, via its subsidiary ExxonMobil Italiana Gas.
Back then, expectations were that the deal would value the entire Adriatic LNG terminal at around $868 million 800 million euros. At the end of 2023, BlackRock pulled out of talks with Exxon to buy its stake in Adriatic LNG, but Vitol was still left in the race.
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