- ExxonMobil is considering selling chemical plants in the UK and Belgium, potentially worth up to $1 billion, amid tariffs and Chinese competition.
- European chemical firms face pressure as majors cut back operations.
ExxonMobil began exploring the sale of its chemical plants in the UK and Belgium on Thursday, September 4, citing people familiar with the matter.
In recent weeks, the U.S. energy giant reportedly held early-stage discussions with advisers about potential deals that could fetch up to $1 billion. The plants include an ethylene facility in Fife, Scotland, and several production sites in Belgium. Sources said Exxon had also considered shutting them down.
Meanwhile, the European chemicals sector faces renewed strain as U.S. tariffs disrupt trade flows and cheaper imports from China intensify competition. The industry continues to grapple with the fallout of the 2022 energy crisis.
Furthermore, Exxon told the FT it does not comment on “rumours or speculation.” Reuters, the primary reporting agency, could not immediately verify the report, and Exxon did not respond to a request for comment outside regular business hours.
LyondellBasell and Sabic have also reduced their European presence, with LyondellBasell selling olefin and polyolefin assets earlier this year. In May, Exxon entered exclusive talks to divest its majority-owned French unit Esso to North Atlantic Refining Ltd.