A report in Straits Times says that Exxon, which has been operating in Singapore for more than 130 years, is considering a sale of its petrol stations in Singapore, which could raise about US$1 billion (S$1.35 billion), according it says to people familiar with the matter.
This major oil company, with a network of 59 filling stations under the Esso brand, has apparently been working with financial advisers on the potential disposal, the people said, asking not to be identified.
Other industry players and investment funds have shown preliminary interest, they added. A sale of the petrol stations in Singapore would allow the US-based company to raise cash to deploy in other areas of higher growth potential, the people said.
Considerations are preliminary, and no final decisions have been made, they added. A representative for Exxon declined to comment
Initial article Exxon weighing sale of $1.35 billion Singapore petrol stations: Sources | The Straits Times
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