Exxon to Sell French Business to Canadian Firm.
ExxonMobil intends to sell its 83% stake in its French business Esso SAF to Canada-based energy firm North Atlantic, the U.S. supermajor said on Wednesday.
ExxonMobil France Holding has entered into exclusive negotiations with North Atlantic’s French subsidiary for both the proposed sale of its 82.89% majority shareholder interest in Esso SAF and the proposed sale of ExxonMobil Chemical France SAS.
The sale includes the Gravenchon refinery in Normandy, currently owned by Esso SAF and ExxonMobil Chemical France, and related assets.
The final price of the transaction will be fixed before the completion of the deal, which is expected to occur in the fourth quarter of 2025, Exxon and Esso said in separate statements.
Last year, ExxonMobil completed the sale of the Fos-sur-Mer refinery in France to a consortium composed of Entara and Trafigura. The deal included the Toulouse and Villette-de-Vienne terminals, operated by Esso.
With the sale of the 140,000 barrels per day refinery, Exxon reduced its total refining capacity in Europe to about 1.1 million bpd. Still, Exxon remains the second-largest refining capacity holder in northwestern Europe, after France’s TotalEnergies.
Source: Oilprice