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

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

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