SINGAPORE: US oil giant ExxonMobil is reportedly exploring the possibility of selling its network of gas stations in Singapore, according to sources cited by Bloomberg. The move is expected to generate approximately $1 billion, which the company could channel into higher-growth ventures as part of its broader business strategy.
ExxonMobil, a longstanding presence in Singapore for over 130 years, currently operates 59 gas stations under the Esso brand. In addition to its retail network, the company maintains a refinery and a lubricant production plant in the city-state, underscoring its significant local footprint.
When approached for comment on the potential sale, ExxonMobil stated it does not respond to market speculation, leaving questions about its next steps unanswered.
This potential divestment aligns with broader trends in the energy sector, where major players are optimizing their portfolios to adapt to shifting market dynamics and increasing emphasis on renewable energy. Should the sale proceed, it would mark a significant shift in ExxonMobil’s operations in Singapore, a key hub for its regional business activities.