OIL major ExxonMobil is considering a sale of its gas stations in Singapore, which could raise about US$1 billion, according to sources familiar with the matter.
ExxonMobil is working with financial advisers on the potential disposal, the sources 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 sources said. Considerations are preliminary and no final decisions have been made, they added.
A representative for ExxonMobil declined to comment.
ExxonMobil, 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. BLOOMBERG
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