ExxonMobil to sell Japan unit for $3.9 billion

By OGJ editors

ExxonMobil Corp. and TonenGeneral Sekiyu KK have entered into an agreement valued at $3.9 billion that will result in the restructuring of ExxonMobil’s holdings in Japan. Namely, TonenGeneral Sekiyu will acquire ExxonMobil’s shares in ExxonMobil Yugen Kaisha, integrating the marketing operations with its existing manufacturing operations. The deal will result in “a single, integrated downstream business better positioned to meet Japan’s energy needs,” the firms said.

ExxonMobil will remain TonenGeneral Sekiyu’s largest shareholder. TonenGeneral Sekiyu will have exclusive, long-term use of ExxonMobil’s existing brands for the sale of ExxonMobil products in Japan.

ExxonMobil will provide ongoing technology support, including technical assistance from ExxonMobil Research & Engineering. ExxonMobil also will provide international crude, feedstock and fuels supply services, including international marine coverage services.

Current management, the firms said, will remain in place until closing, which is expected in midyear.

Beyond its retained shareholding in TonenGeneral Sekiyu, ExxonMobil reported it will maintain a presence in Japan through businesses and partnerships excluded from the restructuring. These include:

• ExxonMobil’s butyl, specialty elastomers, polyolefin, synthetics, and catalyst businesses, including its ownership in Japan Butyl Co.

• International Marine lubricants.

• LNG marketing and sales, including LNG market development activities.

• Collaborations and partnerships with Japanese companies in the upstream sector.

Related Articles

Shell submits revisions to its 2015 Chukchi Sea exploration plan

08/29/2014 Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. ...

BLM announces California oil, gas strategy as CCST issues report

08/29/2014 The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiv...

MARKET WATCH: Crude oil futures end trading session higher in New York

08/29/2014

Crude oil futures prices trended upwards Aug. 28, ending the day’s trading session higher, while the ICE contract for Brent retreated.

EIA: US sees lowest pre-Labor Day gasoline prices in 4 years

08/29/2014 US retail prices for regular gasoline averaged $3.45/gal on Aug. 25, which was lowest price on a Monday preceding the Labor Day holiday in the US s...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected