ExxonMobil considering offloading European chemical sites; sale valued at US$1 bn
Due to the impact of US tariffs and competition from China/Asia, US-based ExxonMobil is looking at selling off its European chemical plants. The company reportedly has held talks with advisers on divestment of its assets in Belgium and in the UK, at a price of up to US$1 billion; or it may opt to shut down the facilities.
The European chemicals industry is facing renewed pressure as US tariffs continue to disrupt global trade, delay orders, and intensify competition from cheaper Asian imports, threatening recovery in a sector still reeling from the 2022 energy crisis.
Exxon owns an ethylene plant in the Scottish town of Fife, as well as several production sites in Belgium. It had also discussed simply shutting them down, according to a report.
There was no guarantee a deal would materialise and Exxon could opt to hold on to the assets, the report said.
The sale/closure will be a major let-down for the European chemical sector.
Other major players like LyondellBasell and Sabic are also reducing their European footprints, with LyondellBasell having sold certain olefin and polyolefin assets earlier this year.
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