The deal could fetch up to $600 million as interest from trading houses emerges.
U.S. energy major Exxon Mobil is in discussions to sell its fuel station business in Hong Kong, a deal that could be worth up to $600 million. The energy giant has hired a financial adviser and has held talks with a small group of potential buyers.
Four to five suitors are currently reviewing the assets, including several trading houses. The potential sale was reported by Bloomberg, which said Exxon could be valuing the business at between $500 million and $600 million.
If completed, the transaction would mark a further reshaping of Hong Kong’s fuel retail market, following Thailand’s Bangchak Corp agreement in February to buy Chevron’s Hong Kong fuel business for $270 million. That deal included 31 service stations alongside Chevron’s industrial and marine fuels operations.
Exxon operates in Hong Kong under the Esso brand and sells fuel through a network of about 41 service stations, according to company information. Its first service station was opened in 1926, in Kowloon, and has been operating there for nearly a century.
The interest in fuel retail assets comes at a time of structural change for Hong Kong’s transport sector, as authorities push toward vehicle electrification, while energy companies contend with heightened oil price volatility linked to geopolitical risk.
Earlier this month, Exxon warned investors that its first-quarter earnings are likely to decline from the previous quarter, after a multibillion-dollar impact from hedging and accounting effects more than offset gains from higher oil and gas prices.
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