Rizwan Siddiqui
2 min read
In This Article:
According to Bloomberg’s May 28 report, Exxon Mobil Corp. (NYSE:XOM) is preparing to significantly reduce its footprint in France, having entered into exclusive discussions to sell its majority stake in Esso SAF to North Atlantic France SAS. The deal is valued at around €400 million ($350 million) for Exxon’s nearly 83% share, which includes the Gravenchon refinery located in Normandy.
This potential deal represents a strategic shift for Exxon as it lowers exposure to the European refining operations amid growing regulatory and economic headwinds. The deal is projected to close in the final quarter of 2025, pending regulatory and financial approvals.
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North Atlantic, a Canadian energy company, aims to transform the Gravenchon site into a hub for clean energy. It plans to utilize the existing infrastructure to scale up the production of low-carbon fuels and renewable energy.
Despite the sale, Exxon will continue to supply crude oil to the Gravenchon facility under its current agreements. The company also plans to keep a part of its French commercial and marketing operations where it will continue to market some products including chemicals, synthetic lubricants, and other specialty fluids.
This move is in line with Exxon’s efforts to consolidate operations and shift its core focus away from certain European assets. In recent years, the company has sold its Fos refinery in France and is currently considering options for selling its stake in Germany’s Miro complex.
Exxon Mobil Corp. is engaged in the exploration and production of crude oil and natural gas. Apart from its upstream operations, it also manufactures energy, chemical, and specialty products.
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Disclosure: None.
