04:42 PM EST, 03/05/2024 (MT Newswires) -- ExxonMobil ( XOM ) may be close to selling a majority stake in a liquid natural gas terminal facility in the Adriatic Sea off the coast of Italy, Reuters reported Tuesday, citing two people familiar with the matter.

Exxon owns 71% of Terminale GNL Adriatico with partners QatarEnergy and Italian energy company Snam holding the remaining 29%. It put the 15-year-old facility on the sale block last year as part of efforts to divest non-core assets.

The Reuters report said privately held energy and commodities trading firm Vitol, through a subsidiary, was close to completing a deal to buy the Exxon and QatarEnergy stakes in the LNG terminal and regasification facility.

The deal has valued the entire facility at around 800 million euros ($869 million). Snam, as the local partner in the joint venture, would have 45 days to increase its 7.3% share in the project once a deal is announced.

ExxonMobil ( XOM ) did not immediately respond to a message seeking comment on Tuesday.

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