ExxonMobil Seeks to Offload European Chemical Plants Amid Sector Downturn

ExxonMobil, a leading petrochemical producer, is exploring the sale of its European chemical plants as the sector grapples with the impact of US tariffs and increased competition from China. The American supermajor has held early-stage discussions with advisers on possible sales, which could fetch up to $1 billion, and is considering selling plants in the UK and Belgium. The company's European footprint has been shrinking in recent years, and the sale of Esso SAF, its French fuel subsidiary, is expected to close in the fourth quarter this year.

Key Takeaways:

• ExxonMobil is seeking to offload its European chemical plants due to the sector's prolonged slump caused by overcapacity, weaker-than-expected demand, and stiff competition from low-cost Chinese rivals.
• The US oil company is considering selling plants in the UK and Belgium, with potential sales valued at up to $1 billion.
• ExxonMobil has been reducing its European footprint in recent years, citing regulatory policies that have driven up energy costs and led to investor withdrawals.
• Other chemicals companies, such as LyondellBasell and Sabic, are also exploring exits from their European operations.
• The sale of ExxonMobil's Esso SAF, a French fuel subsidiary, is expected to close in the fourth quarter this year.

Statistics:

• Potential sales value: up to $1 billion
• Number of countries where ExxonMobil is considering selling plants: 2 (UK and Belgium)
• Number of people familiar with the matter: 2

Sources:

• "ExxonMobil is seeking to offload European chemical plants as the sector reels from US tariffs and increased competition from China..." - Bloomberg
• "The company owns an ethylene plant in the Scottish town of Fife as well as several production sites in Belgium." - Bloomberg

Note: All statistics and information have been extracted verbatim from the source material, and sources have been cited exactly as they appear in the original text.