Vitol, through its energy storage arm VTTI, is close to signing a deal to acquire ExxonMobil’s stake in an LNG import terminal in Italy, reported Reuters citing two sources with knowledge of the matter.

Currently, ExxonMobil owns a 70.68% stake in the Adriatic LNG terminal while Qatar Terminal Company, a subsidiary of QatarEnergy, owns a 22% stake.

Italian gas grid operator Snam holds the remaining 7.3% interest in the terminal.

According to the sources, the transaction could value the terminal at approximately €800m.

Last year, ExxonMobil initiated the sale of its stake in the Adriatic LNG terminal as part of its broader strategy to offload non-core assets.

Snam, however, will have a 45-day period to decide on exercising its right of first refusal post-deal signing.

In January 2024, Snam's CEO said the company could boost its stake in the terminal by up to 30% under an existing agreement with the terminal's shareholders.

Late last year, BlackRock withdrew from exclusive negotiations to acquire a stake in the terminal, clearing the path for VTTI's bid.

Although Exxon selected BlackRock to hold exclusive talks, the two parties were unable to come to a consensus.

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

The terminal has regasification capacity of nine billion cubic metres of natural gas per year. It is equipped to handle super large-scale LNG carriers of up to 217,000 liquid cubic metres.