The move will see ExxonMobil Yugen Kaisha being sold to the oil giant's Japanese partner, TonenGeneral Sekiyu K.K. in a deal worth around $3.9bn. TonenGeneral will take a 99% stake in the business, while Exxon will reduce its overal share in TonenGeneral from 50% to just 22%.
ExxonMobil said it expected the restructuring to be "seamless" and that existing contracts would remain unchanged, with the current management remaining in place until the deal is completed in mid-2012.
The restructuring, which ExxonMobil claims will "result in a single, integrated downstream business better positioned to meet Japan’s energy needs", is another indication of the continuing trend that has seen many of the major oil producers - such as ConocoPhillips and Marathon - creating a clearer separation, or hiving off entirely, their downstream activities from upstream exploration.
ExxonMobil will retain a presence in Japan though specialist chemical production, marine lubes, LNG marketing and other upstream partnerships.
Published 9th February, 2012
Looking for more information about OATS products and services?
additives Africa And finally Asia Australia automotive industry Aviation base oil bio fuels BP Brazil Chevron China China and finally China Internet Marketing China Lubes Marketing China lubes news China Lubes Tech China OEM Equipment CNOOC CNPC CO2 emissions ConocoPhillips Corporate News electric vehicles Environment and Regulatory watch Environment, regulatory and standards Europe ExxonMobil Forecasts Fuchs GM India innovation Inovation and environment Internet marketing Japan Lubes marketing Lubes news Lubes tech Lubricants marine Middle East Mobile technology motorsport N America North America OEM and automotive OEM Equipment PetroChina Russia S America Shell Sinopec Total Toyota View from the Bridge Volkswagen