Exxon Mobil in talks to sell Hong Kong fuel station network, sources say [BNN Bloomberg (Canada)]
Exxon Mobil Corporation (XOM)
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Source: BNN Bloomberg
The company has hired a financial adviser and held discussions with a handful of bidders, the sources said on condition of anonymity because the information was confidential. Four to five bidders are involved, including a few trading houses, they said without disclosing any of the suitors. The planned sale was first reported on Wednesday by Bloomberg. Exxon could value the assets between $500 million and $600 million, the report said, citing unnamed sources. Exxon did not respond immediately to a request for comment. The potential deal would represent another shift in Hong Kong's fuel retail market after Thailand's Bangchak Corp BCP.BK agreed in February to buy Chevron's CVX.N Hong Kong fuel business for $270 million, including 31 service stations as well as its industrial and marine fuels operations. The deal activity comes against a backdrop of Hong Kong's push towards transport electrification and oil price volatility driven by the Iran war. Given Exxon's size and mark
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