ExxonMobil has entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to divest its majority-owned French subsidiary Esso. This move is part of ExxonMobil's ongoing strategy to optimize its global portfolio.
The potential sale of Esso, which includes refining and marketing assets, aligns with ExxonMobil's efforts to high-grade its downstream footprint. The company is concentrating its operations on larger, more integrated, and technologically advanced sites.
This divestment would further streamline ExxonMobil's European operations, allowing for capital reallocation to higher-return projects in other segments. The negotiations indicate a continued focus on enhancing profitability and efficiency across its business units.
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