US oil giant Exxon Mobil Corp. said on Monday that it has purchased along with Qatar Petroleum
US oil giant Exxon Mobil Corp. said on Monday that it has purchased along with Qatar Petroleum a 90% stake in Edison LNG Srl, a company developing a liquid natural gas terminal off the coast of Italy.
The Isola di Porto Levante terminal will be located in the North Adriatic Sea and be able to receive shipments of liquid natural gas, or LNG, by the end of 2007, Exxon said in a statement.
Affiliates of Exxon and Qatar Petroleum paid Edison LNG Srl 9.95 million euros ($12.8 million) for a combined 90% stake. Exxon and Qatar Petroleum will each control 45% of the company and the facility.
Edison will retain 10% ownership of the facility and be its principal user, having access to roughly 80% of the terminal's total capacity. Edison will also change its name to Terminale GNL Adriatico Srl.
The terminal is expected to have a regasification capacity of 8 billion cubic meters.