Exxon, which has been operating in Singapore for more than 130 years, has a network of 59 filling stations under the Esso brand. - ST PHOTO: ALPHONSUS CHERN
SINGAPORE (Bloomberg): Oil major Exxon Mobil Corp. is considering a sale of its gas stations in Singapore, which could raise about US$1 billion (S$1.35bil - RM4.5bil), according to people familiar with the matter.
Exxon is working with financial advisers on the potential disposal, the people said, asking not to be identified because the matter is private. Other industry players and investment funds have shown preliminary interest, they added.
A sale of the gas stations in Singapore would allow the US-based company to raise cash to deploy in other areas of higher growth potential, the people said. Considerations are preliminary and no final decisions have been made, they added.
A representative for Exxon declined to comment.
Exxon, which has been operating in Singapore for more than 130 years, has a network of 59 filling stations under the Esso brand. The oil major’s operations in the city-state also include a refinery, chemical and lubricant plants, a fuels terminal and a liquefied petroleum gas bottling plant.
A sale could mirror similar attempts by other majors such as Chevron Corp., which is is considering a sale of all of its Caltex-branded service stations in Hong Kong amid interest from prospective investors, Bloomberg News has reported.
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