Eric Watkins
Senior Correspondent
LOS ANGELES, Mar. 12 -- ExxonMobil Corp. has decided against selling its Esso downstream assets in Argentina, ending months-long speculation about its intentions in the country and, perhaps, the wider region.
"Today we told our employees, the government, and other involved parties that ExxonMobil has decided to keep its refinery, retail sales, and chemical product affiliates in our country (Argentina)," said company spokesman Tomas Hess during a conference call.
Hess said the decision wasn't made under pressure, and that ExxonMobil considered the sale "in response to unsolicited offers for the company's assets."
Reports had named several firms as interested in Esso's Argentine assets, including Petroleo Brasileiro SA, Royal Dutch Shell PLC, and investment fund Ashmore, as well as local investors Pampa Holding SA and Grupo Eurnekian.
Hess did not mention the rumors that emerged last year reporting that ExxonMobil wanted to sell its refinery and service station assets in Brazil, Chile, Uruguay, and Paraguay in addition to Argentina. Hess mentioned no such inclination to sell assets in these nations.
Contact Eric Watkins at [email protected].
