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.
ExxonMobil noted that with the exception of those part of the previously announced redundancy plan, all of the approximately 1,350 employees in France will be retained and remain on the same employment terms and conditions.
The Esso brand will remain at retail fuel stations, said ExxonMobil, which also noted that the proposed sale is aligned with its business strategy.
Ted Lomond, President and CEO of North Atlantic, commented, “We are eager to consolidate Gravenchon’s role as a vital center of French energy and industry for decades to come and grow North Atlantic into a premier transatlantic energy company.”
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, according to estimates compiled by Bloomberg. Still, Exxon remains the second-largest refining capacity holder in northwestern Europe, after France’s TotalEnergies.
In Wednesday’s statement to announce the intention to sell all its majority stake in Esso, Exxon said that “Europe is an important region for ExxonMobil where there will continue to be a meaningful presence.”
By Tsvetana Paraskova for Oilprice.com
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