Exxon Mobil Corp. is exploring the sale of its gas stations in Singapore, a move that could generate approximately $1 billion.
The company is collaborating with financial advisers to manage the potential sale, with interest from other industry players and investment funds, Bloomberg reported on Tuesday, citing sources.
ExxonMobil operates 59 petrol stations in Singapore under the Esso brand.
The sale of these stations could help ExxonMobil raise funds for investment in areas with higher growth potential.
Preliminary interest has been shown by energy industry players and investment funds.
ExxonMobil declined to comment on the report regarding the potential sale.
ExxonMobil has been operating in Singapore for over 130 years, with facilities that include a refining complex, a lubricant plant, a fuels terminal, and an LPG bottling plant.
If the sale proceeds, it would mark Exxon’s second divestiture in Southeast Asia in recent months.
