ExxonMobil is considering selling European chemical plants to FT, reports
The Financial Times reported that ExxonMobil was looking to sell its European chemical plants located in the UK, and Belgium, as the industry struggles with the impact of U.S. Tariffs and the competition from China.
In recent weeks, the U.S. energy company has been in early discussions with advisors about possible sales that could bring up to $1 billion. The newspaper cited two sources.
Exxon informed the newspaper that they do not "comment upon rumours and speculations".
The report could not be verified immediately. Exxon didn't immediately respond to an 'outside normal business hours request for comment.
As U.S. Tariffs disrupt global trade and delay orders, the European chemicals industry faces renewed pressure. Cheaper Asian imports are intensifying competition, which threatens recovery in a sector that is still recovering from the energy crisis of 2022.
Exxon has a ethylene plant located in Fife in Scotland, and several production sites in Belgium. The report stated that it had also considered simply closing them down.
The report stated that there was no guarantee of a deal and Exxon may decide to keep the assets.
LyondellBasell, Sabic and other major players are also shrinking their European footprints. LyondellBasell sold certain olefins and polyolefins assets this year.
Exxon began exclusive negotiations in May with North Atlantic, the French division of Canadian energy group North Atlantic, to divest Esso's majority ownership.
(source: Reuters)
