Exxon weighs sale of its Singapore fuel stations for $1.3b, Bloomberg News reports
Vehicles pass in front of an Exxon service station in Bethesda, Maryland, US, Nov 25, 2024.
PHOTO: Reuters file
PUBLISHED ONDecember 03, 2024 7:11 AM
US oil major Exxon Mobil Corp is weighing a sale of its petrol stations in Singapore, a deal that could raise about US$1 billion (S$1.3 billion), Bloomberg News reported on Tuesday (Dec 3), citing sources.
Exxon operates 59 petrol stations in Singapore under its Esso brand, according to Esso's website.
A sale would allow Exxon to raise cash to deploy in other areas of higher growth potential, the report said, adding that players in the energy industry and investment funds had shown preliminary interest in the disposal.
Exxon declined to comment on the report.
The company has been operating in Singapore for more than 130 years. Its facilities in the country include a refining complex, a lubricant plant, a fuels terminal and a liquefied petroleum gas (LPG) bottling plant.
A potential deal would become the oil major's second divestiture in Southeast Asia in recent months.
Reuters reported in July that Exxon had agreed to sell its Malaysian oil and gas assets to state energy firm Petronas, exiting the country's upstream sector where it used to be a dominant producer.
Source: Reuters
