ExxonMobil explores possible sale of chemical plants in Belgium and UK
US oil company ExxonMobil is exploring the possible sale of its European chemical plants in Belgium and the UK, the Financial Times reports, based on sources familiar with the matter.
According to the newspaper, initial talks have been held in recent weeks with advisers about a possible sale, which could yield up to 1 billion dollars. The FT also reports that ExxonMobil has discussed shutting down the sites.
The company says it does not wish to comment on rumours.
ExxonMobil operates two polyethylene plants in Belgium, in Zwijndrecht and Meerhout. It also has a refinery and petrochemical site at the port of Antwerp.
Tariffs and competition
The European petrochemical sector is struggling due to US import tariffs and competition from China. Fellow sector player LyondellBasell has already sold factories in Europe and Saudi Arabia’s Sabic is considering similar steps, the FT reports.
"They no longer consider the investment climate here to be favourable. So we do not rule out that things will also change in our country"
There have been no official announcements to trade unions about a possible sale of ExxonMobil sites in Belgium, Levi Sollie of the socialist union ABVV said on Thursday. However, he said it was clear that the company is scaling back its operations in Europe.
“Everything actually fits within a strategy that ExxonMobil is not announcing but is implementing,” said Sollie.
“That strategy involves a European exit. They no longer consider the investment climate here to be favourable. So we do not rule out that things will also change in our country.”
#FlandersNewsService | File image of the ExxonMobil refinery in the port of Antwerp © BELGA PHOTO KRISTOF VAN ACCOM
Related news
