XOM’s LNG Terminal Update

Exxon Mobil Corp. (XOM - Analyst Report) declared that the first liquefied natural gas (LNG) cargo has arrived at the Adriatic LNG regasification terminal located offshore of Porto Levante, Italy. The terminal is the first offshore gravity based structure in the world for unloading, storage and regasification of LNG.
 
The terminal is owned by Qatar Terminal Limited (a Qatar Petroleum subsidiary owning 45%), Exxon Mobil Italiana Gas (45%) and Edison (10%).
 
The regasification terminal utilizes Exxon Mobil proprietary technology. Designed around a large concrete structure, the terminal houses two LNG storage tanks, a regasification plant and facilities for mooring and unloading LNG vessels.
 
Once it reaches full operational capacity later in 2009, the terminal will be able to deliver 775 million cubic feet of natural gas per day or approximately 10% of Italy’s current natural gas requirements.
 
Notably, Exxon Mobil has also recently started another LNG regasification terminal in Wales, UK. This is the South Hook Terminal, owned by Qatar Petroleum (67.5%), Exxon Mobil (24.15%) and Total (8.35%).
 
The company’s investments in Qatar also play a key role in Exxon Mobil’s LNG strategy. Exxon Mobil has a 25% stake in Ras Laffan Liquefied Natural Gas Company, or RasGas, which produces LNG from a designated area within the North Field, the largest offshore natural gas field in the world.
 
Exxon Mobil is a global leader in developing and delivering advanced LNG technology. Through advanced technologies, project execution expertise and economies of scale, Exxon Mobil is extending its ability to bring global LNG supplies to Italy and elsewhere around the world.
 
Exxon Mobil is one of the best-run companies among the global oil majors. Its diversified portfolio of assets, both in terms of businesses as well as geographic locations, gives its results a very high level of stability. It produces one of the largest earnings in the corporate world, generates substantial amounts of cash flows and pays out a dividend that has increased steadily in each of the last 26 years.

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