Exxon Mobil Corp (NYSE:XOM, ETR:XONA) is reportedly considering the sale of its chemical plants in the UK and Belgium as part of a potential divestment worth up to $1 billion.
The US energy supermajor has recently held early-stage discussions with advisers about selling the assets, according to a Financial Times report, citing people familiar with the matter.
Assets under review include the Fife ethylene plant in Scotland, and several Belgian production facilities, where options include sales or shuttering sites.
The move comes as Europe’s chemicals industry faces renewed strain, with US tariffs disrupting trade flows and rising competition from Asian imports compounding the sector’s slow recovery from the 2022 energy crisis.
Exxon declined to comment on the report, saying it does not “comment on rumours or speculation.”
In May, Exxon entered talks to divest its majority-owned French subsidiary Esso.