Exxon considering sale of petrol stations in Singapore: Report
American multinational oil giant Exxon Mobil Corp is considering a sale of its petrol stations in Singapore, according to Bloomberg sources.
The deal reportedly could raise about US$1 billion and would allow Exxon to raise cash to deploy in other areas of higher growth potential.
Exxon declined to comment to Bloomberg.
The company has 59 petrol stations in Singapore under the Esso brand.
Exxon has been operating in Singapore for more than 130 years and its facilities include a refinery, chemical and lubricant plants, a fuels terminal, and a liquefied petroleum gas bottling plant.
Reuters reported in July that Exxon had agreed to sell its Malaysian oil and gas assets to state energy firm Petronas.