HOUSTON: Exxon Mobil Corp chose BlackRock as the potential buyer for its majority stake in Italy’s main liquefied natural gas (LNG) import terminal, the U.S. oil producer said in a statement.

Exxon said in March it was considering selling its 70.68% interest in the offshore Adriatic LNG Terminal as part of a wider strategy to divest non-core assets.

A subsidiary of QatarEnergy (22%) and Italian gas grid operator Snam (7.3%) own the remaining stakes of the terminal, approximately 9 miles (15 kilometers) off the Veneto coastline.

The sale attracted interest from infrastructure funds and international groups as Italy is expected to increase its LNG imports to partly replace the gas it used to get via pipeline from Russia.

Exxon says its decarbonisation business could outgrow oil, in multi-trillion market

At least four international groups competed for the deal, with the entire regasification terminal said to be valued at around 800 million euros ($881 million), Reuters previously reported.

“The selection is the result of a thorough evaluation process that involved several prospective buyers,” an Exxon spokesperson said.

Exxon said it continues to work on the transaction as a final agreement has not been reached. Terms were not disclosed.