ExxonMobil eyes $1 billion sale of chemical plants in UK and Belgium - report

[ExxonMobil Baton Rouge Refinery facility in Baton Rouge, Louisiana, USA.]
JHVEPhoto

ExxonMobil is considering the sale of its European chemical plants, specifically targeting facilities in the UK and Belgium, the _Financial Times_ reported, citing people familiar with the matter.

The company is in preliminary discussions on the potential sales, which could yield as much as $1 billion, the report [https://www.ft.com/content/c474ea2f-1658-4109-9e11-74f4793c8c0a] added.

The sale is largely due to strained economics as the sector reels from unfavorable U.S. tariffs and increased competition from Chinese producers.

The key facilities under review include the Ethylene plant in Fife, Scotland and another major chemical site in Belgium. The oil and gas giant also discussed simply shutting them down, the people added.

The company expects the proposed sale to close in Q4.

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