Adriatic LNG to enter new ownership

Under the deal, ExxonMobil will sell its 70.7% stake in the Adriatic LNG terminal as part of a strategy to divest non-strategic assets and focus efforts on doubling its LNG production by 2030 globally.
Adriatic LNG operates a regasification terminal located 15km off the coastline of Italy’s Veneto region. The terminal has a technical regasification capacity of 9.6Bn m³ of natural gas per year (about half of Italy’s current LNG import capacity), supplying approximately 14% of the country’s national consumption of natural gas. Italy is the second-largest gas consumer in the EU, and with the indefinite shutdown of the Nordstream pipelines which supplied gas to Europe, the continent has had to source gas elsewhere.
More land-based terminals are expected to be commissioned as to satiate Europe’s gas demand. Italy is the second largest gas consumer in the EU.
This week, partners in Germany’s Stade–Hanseatic Energy Hub GmbH announced they have secured financing and will moved ahead with the construction of a new 13.3Bn m³ LNG terminal. 
Both VTTI and IKAV said they have a long-term strategic view on the terminal and aim to further explore growth opportunities in the country.  
The transaction is expected to close in the second half of 2024.