BlackRock has ended talks to acquire ExxonMobil’s stake in an Italian liquefied natural gas (LNG) terminal, reported Reuters, citing sources.

Vitol, an international energy trader, is among the interested parties still vying to buy a stake in the Adriatic LNG import terminal, sources said.

US-based oil and gas company Exxon is selling its 70.68% stake in the terminal as part of a plan to wind down its non-core business.

In October this year, Exxon said it had selected BlackRock to hold exclusive talks.

However, the US investment management company and the oil giant were unable to come to a consensus, so Exxon shifted the talks to the next highest bidder, the sources added.

Qatar Terminal Company, a subsidiary of QatarEnergy, owns a 22% stake in the terminal.

Snam, an Italian state-owned gas grid operator, owns the remaining 7.3% stake.

Run by Terminale GNL Adriatico, the offshore terminal is located 15km off Porto Viro in the Veneto area of the northern Adriatic Sea.

At least four foreign parties had made bids for the terminal, which could be valued at approximately €800m ($873.29m).

The sale comes as Italy is anticipated to increase its LNG imports in part to replace the gas it was previously importing from Russia via pipeline.

As per earlier reports, to keep governance authority over the energy infrastructure, Snam could increase its ownership of Adriatic LNG to approximately 30%.

The gas grid operator has the first right of refusal if a stakeholder decides to sell the LNG terminal, which can process up to nine billion cubic metres of natural gas annually.

Late last month, reports emerged that Exxon is planning to stop oil production in the central African nation of Equatorial Guinea.