ExxonMobil in talks to sell controlling interest in Esso SAF, EMCF
ExxonMobil France Holding has entered into exclusive negotiations with North Atlantic France SAS for both the proposed sale of its 82.89% majority shareholder interest in Esso Société Anonyme Française SA (Esso SAF) as well as the proposed sale of ExxonMobil Chemical France SAS (EMCF), the company said in a release May 28.
The talks, which come on the heels of another ExxonMobil affiliate deal to shed Fos-sur-Mer refinery and logistics assets in France last year, include the sale of the Gravenchon refinery (OGJ Online, Aug. 2, 2024).
Located on a 1,500-acre site in the Normandy region of France, Gravenchon is the second largest refinery in France and one of the largest integrated chemical complexes in Western Europe, North Atlantic said in a separate release. Encompassing two distillation trains, several conversion units and associated logistics facilities, the site has the capacity to process 230,000 b/d of crude oil and other feedstocks.
North Atlantic said its objective is to increase capacity at the site with an additional aim to develop Gravenchon into a green energy hub, “leveraging its infrastructure to accelerate the deployment of low-carbon fuels and renewable power,” it said.
Following completion of a sale, Esso SAF is expected to enter into long-term agreements with certain ExxonMobil affiliates to ensure continuity of crude oil supply to the site, as well as the continued purchase and sale of raw materials and manufactured products (fuels, lubricants and specialty products) with ExxonMobil affiliates. Certain intellectual property agreements are expected to be arranged for continued operation of the refinery units and the marketing of gasoline under the Esso brands in France.
Completion of the Esso SAF interest sale, as well as the 100% interest sale of EMCF, is subject to customary regulatory conditions and finalization of certain financial arrangements and is expected to occur in fourth-quarter 2025.
Following the proposed acquisition of the Esso SAF interests, North Atlantic would file a mandatory tender offer for the remaining shares of Esso SAF on the same financial terms, the companies said. That tender offer is expected to be filed in first-quarter 2026.
