ExxonMobil considers selling petrol stations in Singapore
U.S.-based oil major ExxonMobil is considering a sale of its petrol stations in Singapore, which can raise about $1 billion.
Exxon has a network of 59 filling stations in Singapore under the Esso brand. Photo courtesy of straitstimes.com.
Exxon, which has been operating in Singapore for more than 130 years, has a network of 59 filling stations under the Esso brand.
The sale is expected to allow the company to raise cash to deploy in other areas of higher growth potential.
A potential deal will become the oil major's second divestiture in Southeast Asia in recent months.
In July, Exxon agreed to sell its Malaysian oil and gas assets to state energy firm Petronas, exiting the country's upstream sector where it used to be a dominant producer.
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